What are statistical models and how do they work?
An example of an AI chatbot conversation about statistical models and their applications.
What are statistical models and how do they work?
Statistical models are mathematical representations of observed data. They help us understand relationships between variables.
Can you give me an example of a statistical model?
Sure! A common example is linear regression, which predicts a dependent variable based on one or more independent variables.
What are the assumptions behind linear regression?
The main assumptions include linearity, independence, homoscedasticity, and normality of residuals.
How do I know if a statistical model is a good fit for my data?
You can assess the model fit using metrics like R-squared, residual plots, and cross-validation techniques.
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