What is lambda in statistics

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what is lambda in statistics

Lambda is a percentage of the variance in dependent variables that isn't explained by variation in the independent variable's levels.

A value of zero indicates that the independent variable explains all of the variance (which is ideal). In other words, the closer the statistic is to zero, the greater the contribution of the variable in issue to the model.

When Wilk's lambda is near to zero, you should reject the null hypothesis, however this should be done in conjunction with a tiny p-value.

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