What is R-squared and why is it important in statistics?
An example of an AI chatbot conversation about understanding R-squared in statistics.
What is R-squared and why is it important in statistics?
R-squared, or the coefficient of determination, measures how well the independent variables explain the variability of the dependent variable.
How is R-squared calculated?
R-squared is calculated as 1 minus the ratio of the residual sum of squares to the total sum of squares.
What does a high R-squared value indicate?
A high R-squared value indicates that a large proportion of the variance in the dependent variable is explained by the independent variables.
Can R-squared be negative?
No, R-squared values range from 0 to 1. A negative value indicates a model that is worse than simply using the mean.
What are the limitations of R-squared?
R-squared does not indicate whether the model is appropriate, nor does it account for the number of predictors used.
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