Explain the meaning and use of:
a)Standardized/Betacoefficients.
b)Step wise regression,Forward selection,and Back warde limination
a)Standardized/Betacoefficients are a measure of the strength of the relationship between a predictor variable and the response variable. They are calculated by dividing the regression coefficient of a predictor variable by the standard deviation of the predictor variable. This allows for comparison of the relative strength of the relationship between different predictor variables, even if they are measured in different units.
b)Step wise regression, Forward selection, and Backward elimination are all methods of variable selection in regression analysis. Step wise regression is a method of selecting variables for a regression model by adding or removing variables based on the strength of their relationship with the response variable. Forward selection is a method of selecting variables for a regression model by adding variables one at a time, based on the strength of their relationship with the response variable. Backward elimination is a method of selecting variables for a regression model by removing variables one at a time, based on the strength of their relationship with the response variable.