Using multiple regression, how would you validate a model you created to generate a predictive model of a quantitative outcome variable?
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Discuss the statistical methods and diagnostic tests to validate a multiple regression model. Mention checking for linearity, multicollinearity, homoscedasticity, and the normality of residuals. Consider discussing techniques like cross-validation for model performance. It's also essential to evaluate the model using metrics such as r-squared, adjusted r-squared, and root mean square error (rmse).
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