Question

Under the simple regression analysis there are different methods of estimation. One of them is the Ordinary Least Square (OLS) method of estimation. Explain this method in detail.

31 Aug 2022
Answer :
Word Count : 583

Ordinary Least Squares (OLS) is a popular method of estimating the parameters of a linear regression model. The OLS method is a statistical technique that is used to fit a linear equation to a set of observed data points. The goal of the OLS method is to find the line of best fit that minimizes the sum of squared residuals, which is the difference between the observed values and the values predicted by the regression line.

The OLS method starts with a simple linear regression model, which is a mathematical equation that predicts the dependent variable (y) based on the independent variable (x). The equation for a simple linear regression model is:

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