The Cp statistic is used
A) to determine if there is a problem of collinearity.
B) if the variances of the error terms are all the same in a regression model.
C) to choose the best model.
D) to determine if there is an irregular component in a time series.

Question

Quizplus · Accepted Answer

The Cp statistic is used in model selection to assess the fit of a regression model and help choose the best model by balancing the trade-off between model complexity and goodness of fit.

The Cp Statistic Is Used