Skip to main content
Back

Prediction Intervals - Excel definitions

Control buttons has been changed to "navigation" mode.
1/15
  • Prediction Interval
    A range for a predicted value in regression, reflecting uncertainty and calculated using margin of error, critical t-value, and standard error.
  • Regression Line
    A linear equation modeling the relationship between two variables, used to estimate y values from x values in a dataset.
  • Point Estimate
    A single predicted value for y, obtained by substituting a specific x value into the regression equation.
  • Margin of Error
    The amount added and subtracted from a point estimate to create an interval, incorporating variability and confidence level.
  • Critical t-value
    A value from the t-distribution used to scale the margin of error, based on confidence level and degrees of freedom.
  • Standard Error of the Estimate
    A measure of the typical distance between observed y values and the regression line, indicating prediction accuracy.
  • Linear Correlation
    A statistical relationship where two variables change together in a straight-line pattern, often measured by R squared.
  • R Squared
    A statistic indicating the proportion of variance in y explained by x, with values close to 1 showing strong linear association.
  • Degrees of Freedom
    A value representing the number of independent data points minus two in regression, used in t-value calculations.
  • X Bar
    The mean of all x values in a dataset, used in margin of error calculations for prediction intervals.
  • Sum of Squares
    The total of each x value squared and added together, used in regression calculations for variability.
  • Confidence Interval
    A range estimating a population parameter, similar to prediction intervals but for means or proportions.
  • Data Range
    The span of x values collected in a dataset, within which predictions are considered valid.
  • Scatterplot
    A graphical display of paired data points, showing the relationship and linearity between variables.
  • Excel Function
    A built-in formula in Excel, such as T.INV.2T or SUMSQ, used to automate statistical calculations.