Fixing Multicollinearity
To fix Multicollinearity:
- If the Dataset is small, we can drop one independent variable. Or we can Transform them into One Variable (Eg. Average of two Variables)
- If the Dataset is large, we will use Ridge and Lasso Regression.
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These are some of the Assumptions to be pondered while Applying Ordinary Least Square Method and Performing Regression Analysis.
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There are two kinds of Machine Learning: supervised, and unsupervised learning....
Autocorrelation Detection
To detect autocorrelation
- Plot all points and check for patterns or
- Use Durbin - Watson test.
There is no remedy for Autocorrelation. Instead of linear regression, we can use
- Autoregressive Models.
- Moving Average Models.
What is a Variable?
A variable is an element, feature, or factor that can be measured or quantified. It represents a concept that can vary and is essential for data collection and analysis in research.
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