Goodness of Fit Pertains to How Well a Cost Function

question 10

True/False

Goodness of fit pertains to how well a cost function predicts cost behavior.

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Definitions:

Population Proportions

The ratio of members in a statistical population that have a particular attribute or characteristic.

Type I Error

A statistical error that occurs when a true null hypothesis is incorrectly rejected.

Type II Error

The error that occurs when a statistical test fails to reject a false null hypothesis, incorrectly concluding that there is no effect or difference when there is.

Null Hypothesis

A default position that there is no association between two measured phenomena or no difference among groups being compared.