Given the relatively small sample size, we can characterize the left-hand plot as a random cloud of points in a rough horizontal band and the right-hand plot as points that lie reasonably close to the 45° line. Briefly describe what this tells us about the simple linear regression model assumptions in this case. The largest absolute standardized residual for this simple linear regression analysis is 1.298, while the highest leverage is 0.430. Briefly describe what this tells us about potentially influential observations in this analysis.
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.
Given the relatively small
The largest absolute standardized residual for this simple linear
Step by step
Solved in 2 steps
