Why is residual analysis important in regression models?
- To check the assumptions of the regression model
- To determine the slope of the regression line
- To estimate the parameters of the model
- To predict the dependent variable
Residual analysis is important because it helps us to validate the assumptions of the regression model, such as linearity, independence, normality, and equal variance (homoscedasticity). This is crucial for the reliability and validity of the regression model.
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