Let's examine the output generated by the OLS tool:
- Time to examine the output of the OLS tool. There are six checks that you'll need to perform each time you run the OLS tool. The steps for these checks are listed briefly as follows, and we'll get into more detail in the next few steps:
- Are the explanatory variables helping my model?
- Is each explanatory variable statistically significant?
- Each variable should tell a different part of the story
- Are the residuals clustered in location or value?
- Are the residuals normally distributed using the Jarque-Bera test?
- Assess model performance
- The progress dialog, along with the OLS_Report.pdf file will contain much of the information you need to examine. ...