MGT 6203 UPDATED Questions and CORRECT Answers
How does the skew of a distribution affect its median relative to its mean? - Left skewed - mean median No skew - mean = median Right skew - mean median Define correlation coefficient - Correlation coefficient captures strength of linear relationships Define total deviation, explained deviation, and unexplained deviation for OLS linear regression problem. - Total deviation: difference between observation and mean Explained deviation: difference between predicted value and mean Unexplained deviation/ error/residual: difference between predicted value and observed value Define total sum of squares (SST), sum of squared errors (SSE), and sum of squares regression (SSR) and how they relate to one another. - SST = (observation - average)^2 SSE = (observation - prediction)^2 SSR = (average - prediction)^2
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