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Let's say that you fit a simple regression line y = mx + b to a set of (x,y) data points. In a typical research situation the regression line will not touch all of the points; it might not touch any of them. The vertical difference between the y-co-ordinate of one of the data points and the y value of the regression line for the x-co-ordinate of that data point is called a residual.
There will be one residual for each data point.
To see some labelled diagrams of residuals search images.Google.com for residuals.
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What is the point on the scatterplot representing the mean x value and mean y value?
Residual point
What you mean by residual value?
The point lies one unit above the regression line.
What is the difference between the stochastic error term and the residual?
Ah, the stochastic error term and the residual are like happy little clouds in our painting. The stochastic error term represents the random variability in our data that we can't explain, while the residual is the difference between the observed value and the predicted value by our model. Both are important in understanding and improving our models, just like adding details to our beautiful landscape.
What is the mathamatical term for mean?
The mathematical term for "mean" is "mean".The popular, or colloquial term for "mean" is "average".
Which type of lease could result in the customer paying hundreds or thousands of dollars if the residual value is less than expected at the end of the term?
open-ended lease :) A+
What does the medical term Minimal residual hepatic parenchyma mean?
Minimal residual hepatic parenchyma means there's not much functional liver left.
What does residual deficits mean?
Residual deficits is a term used in the medical field. It refers to leftover issues that occur due to a condition. For example, after a stroke, one may have residual deficits that prohibit certain movements.
What does the term residual mean in the CRM process?
Risk that remains after all controls have been identified and selected
What term does residual risk mean?
It is the possibility of a remaining risk when all other risks have been eliminated
What is the term residual risk mean?
In simple terms - 'residual risk' is the tiny possibility of something going wrong with whatever you're doing. For example, fell-walking is perfectly safe, however - there is a residual risk of you tripping or falling.
What the term residual risk mean in the CRM process?
Risk that remains after all controls have been identified and selected
What does term residual risk mean in crm process?
Risk that remains after all controls have been identified and selected
What does the term residual mean in CRM?
A residual What_does_residual_risk_mean_in_the_CRM_processis the remains of a risk on which a response has been performed.As part of CRM you are managing some risk, for which you will have some risk response or strategy. A residual risk is the reminder of the risk that remains after you have implemented a risk responseRead more: What_does_residual_risk_mean_in_the_CRM_process
What does the term residual risk mean in CRM?
A residual What_does_residual_risk_mean_in_the_CRM_processis the remains of a risk on which a response has been performed.As part of CRM you are managing some risk, for which you will have some risk response or strategy. A residual risk is the reminder of the risk that remains after you have implemented a risk responseRead more: What_does_residual_risk_mean_in_the_CRM_process
What do you mean by equity in finance?
Equity in finance refers to the residual value of assets. The term equity can also be used in association with accounting.
What is combined residual?
The term combined residual refers to an amount of money that is being split between more than one person. This is income that they receive after the sale of an item.
What describes the term residual value?
the amount a car is said to be worth at the end of the lease
