What is the term used for the process of determining coefficients in a model?

The term used for the process of determining coefficients in a model is model calibration. This process involves estimating the values of the coefficients that will allow the model to best fit the data. During calibration, statistical techniques are often applied to derive the coefficients that minimize the difference between predicted outcomes and actual data. This is crucial in ensuring that the model accurately represents the relationship between variables and can be relied upon for predictive purposes.

Model calibration also encompasses evaluating how well the model performs with existing data, leading to adjustments in the coefficients to improve accuracy. This step is foundational in developing robust models that can be applied to real-world scenarios, such as in mass appraisals or other predictive analyses. By focusing on achieving the right coefficient values, practitioners can enhance the reliability and validity of their models, ensuring they serve their intended purpose effectively.