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Finding Residuals and Creating Residual Plots - Excel definitions

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  • Residual
    The difference between an observed value and its corresponding predicted value from a regression equation.
  • Residual Plot
    A scatterplot displaying differences between actual and predicted values against the explanatory variable to assess model fit.
  • Regression Line
    A straight line summarizing the relationship between two variables, used to predict values of the dependent variable.
  • Predicted Value
    An estimated outcome calculated by substituting an explanatory variable into a regression equation.
  • Scatter Plot
    A chart that visually represents the relationship between two quantitative variables using plotted points.
  • Explanatory Variable
    An independent variable used to explain or predict changes in another variable within a dataset.
  • Dependent Variable
    A measured outcome whose variation is explained or predicted by another variable in regression analysis.
  • Trend Line
    A visual line added to a scatter plot to indicate the general direction or pattern of the data.
  • Linear Model
    A mathematical representation assuming a straight-line relationship between two variables.
  • Equation of Regression Line
    A formula, such as y = −1.04x + 79.1, used to compute predicted values based on the explanatory variable.
  • Random Scatter
    A pattern in a residual plot where points are distributed without systematic structure, indicating a good model fit.
  • Model Fit
    An assessment of how well a statistical model represents the observed data, often evaluated using residuals.
  • Chart Title
    A label added to a graph or plot to clarify its content and distinguish between different visualizations.
  • Practice Examples
    Sample exercises provided to reinforce understanding and application of statistical concepts in Excel.