Model Building - III in Linear Regression

Let's continue the process of model building.

In the process of building the model, you checked for multiple variables and then arrived at the variables that best suited the model.

Based on your understanding of the models, answer the following questions:

Now that you have a model with a fairly high adjusted R-squared, it may seem that the task is done. But you still might be missing out on an important variable. Thus, you need to assess the model. In the following lectures, you will learn some important methods of assessing the model and confirming that the model you arrived at is the best you could have, given the data you have.