Advanced Diagnostics: Problematic Data

Define multicollinearity and use the Variance Inflation Factor (VIF) to detect its presence and severity.

Describe the consequences of high multicollinearity on coefficient estimates and their standard errors.

Distinguish between a high-leverage point (unusual predictor value) and a high-influence point (a point that significantly changes the model).

Visually identify potential high-leverage or influential points on standard diagnostic plots.