The process of stating the equation that best summarizes the data for a study is called ____.
A)model specification
B)model estimation
C)line specification
D)line estimation

Question

Quizplus · Accepted Answer

Model specification is the process of determining the equation or model that best summarizes the data for a study. Model estimation, on the other hand, refers to the process of calculating the values of the parameters in the specified model using the available data. Line specification and line estimation are more specific terms that refer to the process of specifying and estimating linear regression models, respectively.

The Process of Stating the Equation That Best Summarizes the Data