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FM Residual Analysis

3.5 Residual Plots and Residual Analysis

Residual Plots

  • A residual is the name given to the difference in response variable value between a datapoint and the value predicted at the corresponding explanatory variable value by the fitted model.
  • Data points above the fitted line will have a positive residual value and those below the line will have a negative residual value.
  • A residual plot is similar to a scatterplot with each residual value placed at the same value along the x-axis as the corresponding datapoint, and along the y-axis at its residual value.
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