27_OverheadsForWeb1 - Objectivesfortoday...

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Objectives for today Evaluate regression results Plausibility Goodness of fit Confidence Specification tests Make predictions with the estimated regression  model Data considerations
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Plausibility Do the results make sense? If we can't understand the nature of the  relationship, it could be a statistical fluke Recall our prior discussions about causality,  coincidence
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Goodness of fit How well does the model explain the behavior of  our dependent variable? Recall our prior discussions on assessing: F R (if assessing one model)  adjusted R (if comparing several models) 
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Confidence How confident are we that the results of our  regression are reliable? Hypothesis tests using t-statistics allow us to decide  if the slope is significantly different from zero: with 95% confidence if we use a p-value   .05 with 90% confidence if we use a p-value   .10 etc. ....
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Confidence  (continued) Recall that even if we decide a statistically significant  relationship exists, there still can be considerable variation 
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This note was uploaded on 11/08/2011 for the course ACCY 302 taught by Professor Staff during the Spring '08 term at University of Illinois, Urbana Champaign.

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27_OverheadsForWeb1 - Objectivesfortoday...

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