4.7 Post Modeling Exploratory Visualizations

Multiple linear regression has a rich set of diagnostics based on model residuals that aid in understanding the model fit and in identifying relationships that may be useful to include in the model.

One tool from regression diagnosis that is helpful for identifying useful predictors is the partial regression plot (Neter et al. 1996). This plot utilizes residuals from two distinct linear regression models to unearth the potential usefulness of a predictor in a model. (refer to textbook for math formulas)

For the Chicago data, a rolling forecast origin scheme (Section 3.4.4) was used for resampling.

Figure 4.18