Residual Plots
Definition
Residual plots are graphical representations that show differences between observed and predicted values in a regression analysis. They help identify patterns or trends in these differences and assess whether assumptions of linear regression are met.
Analogy
Think of a residual plot as a "spot the difference" game. It helps you spot any discrepancies between what you expected and what actually happened in your regression model.
Related terms
Residuals: The differences between observed and predicted values in a regression analysis.
Linearity Assumption: The assumption that the relationship between independent and dependent variables is linear.
Homoscedasticity: The assumption that the variability of residuals is constant across all levels of the independent variable(s).
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