How Do You Calculate Least Squares?
To calculate the least squares solution, you typically need to:
- Determine the equation of the line you believe best fits the data.
- Calculate the residuals (differences) between the observed values and the values predicted by your model.
- Square each of these residuals and sum them up.
- Adjust the model to minimize this sum.
Least Square Method
Least Square Method: In statistics, when we have data in the form of data points that can be represented on a cartesian plane by taking one of the variables as the independent variable represented as the x-coordinate and the other one as the dependent variable represented as the y-coordinate, it is called scatter data. This data might not be useful in making interpretations or predicting the values of the dependent variable for the independent variable where it is initially unknown. So, we try to get an equation of a line that fits best to the given data points with the help of the Least Square Method.
In this article, we will learn the least square method, its formula, graph, and solved examples on it.