Where are we going?
Before we proceed, we need to rethink what we have been doing. In our
eager to fit the data, we have omitted several important elements in
our regression analysis. In what follows we will
- look at statistical properties, including a discussion of mean values, variance and the so-called bias-variance tradeoff
- introduce resampling techniques like cross-validation, bootstrapping and jackknife and more
This will allow us to link the standard linear algebra methods we have discussed above to a statistical interpretation of the methods.