Answered: The scatter chart below displays the…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section: Chapter Questions

Problem 33P: Management of a home appliance store would like to understand the growth pattern of the monthly...

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Question

The scatter chart below displays the residuals versus the dependent variable, x. Which of the following conclusions can be drawn from the scatter chart given below?

a. The regression model follows the standard normal probability distribution.

b. The residual distribution is consistently scattered about zero.

c. The residuals have an increasing variance as the dependent variable increases.

d. The model captures the relationship between the variables accurately.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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