What Is Stepwise Regression, and When Is It Desirable to Make

question 71

Essay

What is stepwise regression, and when is it desirable to make use of this multiple regression technique?

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Definitions:

Opportunity Cost

The cost of foregone alternatives, the value of the best alternative given up when a decision is made to choose one option over another.

Ironing

the process of using a heated tool (iron) to remove wrinkles from fabric, typically garments, enhancing their appearance.

Suppliers

Individuals or businesses that provide goods or services to consumers, businesses, or other organizations.

Households

Units of residence in an economy that include all individuals who live together and make joint economic decisions.