A residual is the difference between "the measured and predicted values of the quantity of interest".
What is residuals?
In regression analysis, a residual would be the difference between an observable and anticipated value.
The formula is;
Residual = Observed value – Predicted value
Some key features regarding the residuals are-
- The purpose of linear regression would be to quantify the relationship among one or so more predictor variables one and or more response variables.
- Linear regression selects the line that best "fits" the data, defined as least squares regression line, to do this.
- This line generates a prediction for every observation in the dataset, however it is improbable that the regression line's prediction would perfectly match its observed value.
- The residual is the discrepancy between the predicted and the observed value.
- The residuals for every observation would represent the vertical distance between both the observation as well as the regression line if we plotted the observed values then overlaid the fitted regression line.
To know more about the residual, here
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