Which of the following is characteristic for the method of least squares?
A)It uses the results of regression analysis to construct a cost formula.
B)It is less accurate than the scattergraph method.
C)It analyzes a cost relationship by graphing the data points.
D)It can easily be calculated without a calculator.

Question

Quizplus · Accepted Answer

The method of least squares is a statistical technique used to fit a line (or curve) to a set of data points in order to minimize the distance between the observed data and the predicted values of a model. It is commonly used in regression analysis to generate a cost formula based on historical data. Therefore, the correct answer is A, as it describes the main characteristic of the method of least squares. The other options are not accurate as B is false (the method of least squares is more accurate than the scattergraph method), C is vague (the method may involve graphing the data, but it is not its defining characteristic), and D is incorrect (calculating the method of least squares requires some degree of mathematical calculations).

Which of the Following Is Characteristic for the Method of Least