Residuals

Definition

Residuals are the differences between observed values and predicted values in a regression analysis. They represent the vertical distances between data points and the least-squares regression line.

Related terms

Standard Deviation of Residuals: The standard deviation of residuals measures the average distance between each residual and the regression line.

Homoscedasticity: Homoscedasticity refers to a situation where the variability of residuals is constant across all levels of an independent variable.

Influential Observations: Influential observations are data points that have a significant impact on the results of a statistical analysis, such as regression coefficients or predictions.