R^2 Value
Definition
The R^2 value, also known as the coefficient of determination, measures how well a regression model fits the data points. It represents the proportion of variation in the dependent variable that can be explained by changes in the independent variable(s).
Analogy
Imagine you are trying to fit puzzle pieces together. The R^2 value tells you how well those pieces fit together - if it's close to 1, it means they fit perfectly; if it's close to 0, they don't fit well at all.
Related terms
Regression Analysis: A statistical technique used to model and analyze relationships between variables.
Dependent Variable: The variable being predicted or explained in a regression model.
Independent Variable(s): The variable(s) used to predict or explain changes in the dependent variable.
"R^2 Value" appears in:
Study guides (1)
Practice Questions (1)
- What does the R^2 value indicate in a power/exponential model?
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