residual
Definition
A residual is the difference between an observed value and its predicted value in a regression model. It represents how much the actual data point deviates from the estimated line or curve.
Related terms
Least Squares Regression Line: The least squares regression line is a line that minimizes the sum of squared residuals. It provides the best fit for a set of data points.
Homoscedasticity: Homoscedasticity refers to when the variability of residuals is constant across all levels of an independent variable in a regression model.
Standardized Residuals: Standardized residuals are calculated by dividing each residual by its standard deviation. They help identify outliers and assess whether assumptions of linear regression are met.
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