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Define OLS and what it is. Why do we use OLS for linear regressions? What are limitations of using OLS?

Define OLS and what it is. Why do we use OLS for linear regressions? What are limitations of using OLS?

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter3: Straight Lines And Linear Functions
Section3.CR: Chapter Review Exercises
Problem 15CR: Life Expectancy The following table shows the average life expectancy, in years, of a child born in...
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  • Regression Methodology – A standard simple linear regression or multiple linear regression is based on “Ordinary Least Squares (OLS)”.
  1. Define OLS and what it is.
  2. Why do we use OLS for linear regressions?
  3. What are limitations of using OLS?
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