What do we mean when we say that a simple linear regression model is "statistically" useful?
A)All the statistics computed from the sample make sense.
B)The model is an excellent predictor of Y.
C)The model is "practically" useful for predicting Y.
D)The model is a better predictor of Y than the sample mean, .

Question

What do we mean when we say that a simple linear regression model is "statistically" useful?
A)All the statistics computed from the sample make sense. 
B)The model is an excellent predictor of Y. 
C)The model is "practically" useful for predicting Y. 
D)The model is a better predictor of Y than the sample mean, .

Quizplus · Accepted Answer

A simple linear regression model is considered "statistically" useful if it is a better predictor of Y than the sample mean. This is because the model is able to capture a relationship between the independent variable (X) and dependent variable (Y), which can lead to more accurate predictions. While practical usefulness is also important, it is not necessarily a requirement for a model to be considered statistically useful. Additionally, the fact that the statistics computed from the sample make sense is important but not sufficient to determine whether the model is statistically useful.

What Do We Mean When We Say That a Simple