Q1 Identify the statement below that best describes why we chose the mean as our preliminary model. a) The mean is a balancing point about which the sum of the residuals is zero. b) The mean is the value that minimizes the sum of squares and therefore minimizes the variance. c) The mean is the value that minimizes the sum of sqaures and therefore minimizes the standard deviation. d) All of the above.

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Q1 Identify the statement below that best describes why we chose the mean as our preliminary
model.
a) The mean is a balancing point about which the sum of the residuals is zero.
b) The mean is the value that minimizes the sum of squares and therefore minimizes the variance.
c) The mean is the value that minimizes the sum of sqaures and therefore minimizes the standard
deviation.
d) All of the above.
Transcribed Image Text:Q1 Identify the statement below that best describes why we chose the mean as our preliminary model. a) The mean is a balancing point about which the sum of the residuals is zero. b) The mean is the value that minimizes the sum of squares and therefore minimizes the variance. c) The mean is the value that minimizes the sum of sqaures and therefore minimizes the standard deviation. d) All of the above.
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