Wager Mage
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The line of best fit is used as a rough summary to represent the data points graphed on a scatterplot. It also reveals the trend of a data set by showing the correlation between two variables. In addition, it is useful for making predictions and forecasts (interpolation or extrapolation of data).
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Read More »If you are working with a scatterplot, you are probably looking for a line of best fit as well. It helps to understand what the line of best fit is used for – that way, you can get a better grasp of the concept. So, what is the line of best fit used for? The line of best fit is used as a rough summary to represent the data points graphed on a scatterplot. It also reveals the trend of a data set by showing the correlation between two variables. In addition, it is useful for making predictions and forecasts (interpolation or extrapolation of data). Of course, the line of best fit does not necessarily go through every point on the scatter plot. In fact, the line of best fit may not go through any of the points on the scatter plot! In this article, we’ll talk about what the line of best fit is used for. We’ll also answer some common questions about the line of best fit and what you should know about it.
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For example, if a golfer shoots a 76 on a par 72 course, their score is 76, and they shot four over par (+4). Another golfer may shoot a score of...
Read More »A correlation near 1 (or -1 for negative correlation) is a very strong relationship. In fact, an R value of 1 or -1 means that we have perfect linear relationship (every data point is on the line of best fit). On the other hand, a correlation of 0 implies that there is no discernible linear relationship between the variables. However, there may still be a different relationship (for instance: quadratic, exponential, etc.) In the scatterplot from before (pictured again below for convenience), the correlation coefficient is R = 0.8655. This implies a fairly strong linear relationship (positive correlation) between height and weight. The correlation coefficient is R = 0.8655 for this scatterplot. This shows a fairly strong correlation between height and weight. That means that as height increases, weight increases as well (in other words: the taller you are, the more you weigh).
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Read More »1. Data points below the line of best fit (these data points fall below our prediction). (these data points fall below our prediction). 2. Data points above the line of best fit (these data points come in above our prediction).
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