Mini toolsDefinition
A statistical measure indicating how well the regression predictions approximate the real data points, expressed as a percentage.
Detailed Explanation
R-squared, or the coefficient of determination, represents the proportion of variance in the dependent variable that's predictable from the independent variable(s). It ranges from 0 to 1, where 1 indicates that the regression line perfectly fits the data. Calculated as 1 - (residual sum of squares)/(total sum of squares).
Use Cases
Common in scientific research, economic modeling, and any regression analysis where explaining variance is important.
