A residual is something left over after a primary analysis has been conducted. Usually, the issue most often is applied to multiple regression. Essentially, multiple regression is an attempt to use predictor variables in combination to predict a dependent variable. The following equation provides a general view of this process:

Y = C + b1X1 + b2X2 + b3X3 + + biXi + e

This equation indicates that the value of the dependent variable (Y) is based on a constant number (C) and a combination of predictor variables (X) that are weighted by a coefficient (b). The last term in the equation represents the “error” term (e). What is meant by “error” in this case is that all elements not part of the prediction constitute error ...

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