Multiple linear regression is a statistical analysis technique used to model the relationship between one dependent variable and two or more independent variables. The multiple linear regression model is used to predict the value of the dependent variable based on the estimated values of the independent variables.
Residuals are the differences between the observed values of the dependent variable and the predicted values from the dependent variable. Residuals are an important measure in inferential analysis, particularly in regression analysis. Given the importance of residuals, we will discuss how to find residual values using Excel.
When expressing a linear regression equation, the terms residual or error often appear at the end of the equation. But what exactly do residual and error mean? And what is the fundamental difference between the two?
