Intro to Probability for Business
A residual plot is a graphical representation that shows the residuals on the vertical axis and the independent variable on the horizontal axis. It helps to assess the fit of a regression model by revealing patterns in the residuals that may indicate problems with the model, such as non-linearity or non-constant variance. Identifying these patterns is crucial in validating the assumptions underlying multiple regression analysis.
congrats on reading the definition of Residual Plot. now let's actually learn it.