The Least-Squares Regression Line Is the "Best" Line in That

question 2

Essay

The least-squares regression line is the "best" line in that it minimizes a certain sum. What is this sum?

---

Definitions:

Time And Motion Studies

A business efficiency technique combining the time study work with motion study to standardize procedures and establish proper work methods.

Cost Estimation

The process of predicting the costs associated with the production of products or the delivery of services.

Regression Analysis

A statistical method used to estimate the relationships among variables, often to forecast future trends.

Regression Analysis Output

The results obtained from regression analysis, showcasing the statistical relationship between independent variables and a dependent variable.