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Prediction Intervals - Excel definitions

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  • Prediction Interval
    A range around a predicted value that accounts for uncertainty, providing likely upper and lower bounds for a single future observation.
  • Regression Line
    A straight line that best fits the data points in a scatterplot, used to estimate the relationship between variables.
  • Margin of Error
    The amount added and subtracted from a point estimate to create an interval, reflecting prediction uncertainty.
  • Critical Value
    A t-distribution value that determines the width of the interval, based on confidence level and sample size.
  • Standard Error
    A measure of the typical distance between observed values and the regression line, indicating prediction accuracy.
  • Linear Correlation
    A statistical relationship where changes in one variable are associated with proportional changes in another.
  • R Squared
    A statistic showing the proportion of variation in the dependent variable explained by the regression model.
  • Degrees of Freedom
    The number of independent values in a calculation, often equal to sample size minus two in regression.
  • Point Estimate
    A single predicted value for the dependent variable, calculated using the regression equation.
  • Mean of X
    The average value of all predictor variable observations in the dataset.
  • Sum of Squares
    The total of each predictor value squared, used in calculating variance and interval width.
  • Confidence Interval
    A range estimating where a population parameter lies, similar to but narrower than a prediction interval.
  • Scatterplot
    A graph displaying paired data points, revealing patterns and the strength of relationships.
  • Data Range
    The span between the smallest and largest observed values for the predictor variable.
  • Excel Function
    A built-in tool in Excel, such as AVERAGE or SUMSQ, used to automate statistical calculations.