The term "goodness-of-fit" refers to
A)the accuracy of the estimated sample regression function.
B)whether or not the estimated sample regression function is correct.
C)method by which we determine the best-fit line.
D)the extent to which observed data match the values expected by theory.

Question

Quizplus · Accepted Answer

Goodness-of-fit refers to how well observed data matches the values expected by theory. It is a measure of the quality of the fit between a theoretical distribution and a set of observed data. Options A and B refer to the accuracy and correctness of the estimated regression line, while option C refers to the method used to determine the line, all of which are different concepts than goodness-of-fit.

The Term "Goodness-Of-Fit" Refers to