Homoscedasticity is a big and complicated sounding word that has to do with how evenly spread out data points are on a graph. Imagine a graph with dots on it – each dot represents a value. Homoscedasticity means that the dots are spread out evenly across the graph, like spreading out an even layer of sprinkles on a cupcake. This is good because it means that the data points are all about the same distance from the middle line (we call this the mean).
If the dots are not spread out evenly across the graph and are all over the place, like clumps of sprinkles, then we call this heteroscedasticity. This is not good because it means the data points are not about the same distance from the mean, and can make it harder to see patterns and make accurate predictions.
So, in essence, homoscedasticity means that the data points are evenly spread out on a graph, making it easier to analyze and draw conclusions from.