November 2008
Beginner
448 pages
11h 33m
English
Content preview from Budgeting Basics and Beyond
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16.2. A Word of Caution
Before attempting a least-squares regression approach, it is extremely important to plot the observed data on a diagram, called the scattergraph (see Exhibit 16.3). The reason is to make sure that a linear (straight-line) relationship existed between Y and X in the past sample.
If, for any reason, a nonlinear relationship was detected in the sample, the linear relationship we assumed—Y = a + bX—would not give us a good fit.
In order to obtain a good fit and achieve a high degree of accuracy, readers should be familiar with statistics relating to regression such as R-squared (R2) and t-value, which are discussed later.
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