In this lesson, we learn about parameters in functional forms and their role in determining a specific function. Parameters are unknown values that need to be assigned a numerical value in order to make predictions with a model. We also learn about the process of regression, which involves fitting a model to data in order to assign values to the unknown parameters. The lesson emphasizes the importance of avoiding confusion between unknowns and unknown parameters and provides a useful rule for identifying parameters in a functional form.
Understand what a parameter is (as opposed to an input and output) in a functional form and its role in determining a specific function and also as the result of attempting to fit a functional form to data.
Check out www.themathdude.org for more videos.