A residual is something left over after a primary analysis has been conducted. Usually, the issue most often is applied to multiple regression. [Page 32]Essentially, multiple regression is an attempt to use predictor variables in combination to predict a dependent variable. The following equation provides a general view of this process:
Y = C + b1X1 + b2X2 + b3X3 + + biXi + e
This equation indicates that the value of the dependent variable (Y) is based on a constant number (C) and a combination of predictor variables (X) that are weighted by a coefficient (b). The last term in the equation represents the “error” term (e). What is meant by “error” in this case is that all elements not ...
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