Making sense of result parameters
Apart from the R2 statistic, there are other statistics and parameters that one needs to look at in order to do the following:
- Select some variables and discard others for the model.
- Assess the relationship between the predictor and output variable and check whether a predictor variable is significant in the model or not.
- Calculate the error in the values predicted by the selected model.
Let us now see some of the statistics which helps to address the issues discussed earlier.
p-values
One thing to realize here is that the calculation of a and β are estimates and not the exact calculations. Whether their values are significant or not need to be tested using a hypothesis test.
The hypothesis tests whether the value of ...
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