In simple linear regression, the difference between a predicted y value and an observed y value is commonly called the residual or error value.

Name: In simple linear regression, the difference between a predicted y value and an observed y value is commonly called the residual or error value.
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In simple linear regression, the difference between the actual value of y and the predicted value of y is indeed called the residual or error. This measures how far the data points are from the regression line.

In Simple Linear Regression, the Difference Between a Predicted Y