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As we all know in today’s world of quick results and insights nobody wants to spend time in understanding the core concepts of certain statistical terms while performing analytical routine. One statistical term that is talked a lot but known very less in terms of its mechanics is R Squared statistics a.k.a. coefficient of determination. This statistics helps to measure the closeness of the data to the fitted line of regression.
It is also worth mentioning that by squaring the…Continue
Multicollinearity (Collinearity) is not a new term especially when dealing with multiple regression models. This phenomenon of relationship in between one response variable with the set of predictor variables also include models like classification and regression trees as well as neural networks. Collinearity is infamously famous for inflating the variance of at least one estimated regression coefficient, which can cause the model to predict erroneously and in a business setup it can have an…Continue
Linear Model better known as linear regression is one of the most common and flexible analysis framework to identify relationship between two or more variables. The widely used linear model is represented by drawing the best fit line through a series of data points represented on a scatter plot.
For any budding business analyst this should be the starting point to understand how model works at the very core of its design.
Selecting the Variables in Deducer…Continue