Question on use of regression output in business
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List the various statistics and example of a business use.
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This posting contains answers to following questions on output of regresion.
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The key statistics reported in a regression output, which are critical for business uses are:
R - Coefficient of Correlation: The correlation between the predicted and the actual value of dependent variable
R square - Coefficient of Determination: The amount of variation in the dependent variable explained by the independent variable
Standard Error: This signifies the standard error between the actual and predicted values in the regression model. If the error is high, the model needs to be investigated carefully.
ANOVA Table: The ...
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