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?

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Definitions:

Financial Accounting Standards Board

A stand-alone body in charge of setting and refining standards for financial accounting and reporting in the USA.

Generally Accepted Accounting Principles

A framework of accounting standards, principles, and procedures that companies must follow when compiling their financial statements, ensuring transparency and uniformity across industries.

Public Company Accounting Oversight Board

A nonprofit organization established by Congress to oversee the audits of public companies to ensure the accuracy and integrity of financial statements.