beta coefficient

the multiplicative constant in a regression analysis that indicates the change in an outcome variable associated with the change in a predictor variable after each has been standardized to have a distribution with a mean of 0 and a standard deviation of 1. A beta coefficient controls for the effect of other predictors included in the analysis and thus allows for direct comparison of the individual variables despite differences in measurement scales (e.g., salary measured in dollars and educational degree measured in years of schooling). Also called beta weight.

Browse dictionary by letter

a b c d e f g h i j k l m n o p q r s t u v w x y z

Psychology term of the day

May 9th 2024

best fit

the theoretical pattern that best accounts for the relationships among variables in a data set. For example, a regression equation having the best fit to sample data is the one that minimizes differences between observed and predicted values. On a scatterplot, a line of best fit provides a visual depiction of this pattern, allowing extrapolation to values not part of the original data set. It is important to note that the best-fitting pattern is not necessarily the one that generated the observed data, as other patterns not considered may provide a superior fit.