A computational tool determining the optimal parameters that minimize the sum of the squares of the errors between observed and predicted values. For instance, given a set of data points, the device finds the equation of a line that best fits the data by minimizing the squared vertical distances between the points and the line.
Such a device is vital in various fields, including statistics, engineering, and data science. Its utility stems from its ability to provide the most statistically sound estimate when dealing with noisy or imperfect data. Historically, methods to find such a solution have evolved from manual calculations to sophisticated algorithms implemented in software, reflecting the increasing demand for accurate modeling and prediction.
