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TERM
R-Squared
Share of variance explained by a model.
Definition
R-squared measures how much of the variation in the response is explained by the model's predictors.
How to Calculate
Compute one minus residual sum of squares divided by total sum of squares.
Why it Matters
Indicates model fit quality.
Key Advantages
Useful for comparing model specifications.
Example
Model with R-squared of 0.82.
Use it to
Assess how much variation in the response variable is explained by the model. Use R‑squared to judge model fit and determine whether results are reliable enough for decision‑making.
