Define the concept of Weighted Least Squares?
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Define the concept of Weighted Least Squares?
A special case of least square is called as weighted least square.
It is also known as weighted linear regression. It is a generalization of ordinary least squares and linear regression. It occurs when all the off-diagonal entries of the correlation matrix of the residuals are null and the variances of the observations are unequal.
It could minimize the weighted sum of squares,
Step by step
Solved in 2 steps
