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Statistics 101: Linear Regression, Residual Analysis

In this Statistics 101 video, we learn about the basics of residual analysis. To support the channel and signup for your FREE trial to The Great Courses Plus visit here: http://ow.ly/xVD030fiZ8S So this video is the next in my series on Simple Linear Regression, however, I will say that this video does have implications beyond just simple regression. So this video is about residual analysis. The residual analysis will do two primary things for us. Number one, it will tell us how well the model we have produced fits the data we are looking at, or in other words, how is our error? Is our error large or is our error small? Number two, maybe most importantly, it will tell us whether or not the model we are using is actually appropriate for the data we are looking at. So as you know, probably by now, there are many, many ways to model a data set and there are certain models that are more appropriate than others and our residuals can help us decide that. So residual analysis goes well beyond just statistics, it goes into higher-level statistics, it goes into data science, and of course, machine learning when we're talking about which model we should choose for our application. So if you are new to Regression or are still trying to figure out exactly what it even IS...this video is for you. Sit back, relax, and let's go ahead and get to work. My playlist table of contents, Video Companion Guide PDF documents, and file downloads can be found on my website: https://www.bcfoltz.com #statistics #regression #machinelearning #datascience