BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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takes values between-1 to +1
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is equal to zero for a perfect fit
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is equal to negative one for the poorest fit
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is used to evaluate the goodness of fit
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Detailed explanation-1: -The coefficient of determination is a measurement used to explain how much the variability of one factor is caused by its relationship to another factor. This correlation is represented as a value between 0.0 and 1.0 (0% to 100%).
Detailed explanation-2: -R2 is a measure of the goodness of fit of a model. In regression, the R2 coefficient of determination is a statistical measure of how well the regression predictions approximate the real data points. An R2 of 1 indicates that the regression predictions perfectly fit the data.
Detailed explanation-3: -The coefficient of determination (R²) measures how well a statistical model predicts an outcome. The outcome is represented by the model’s dependent variable.
Detailed explanation-4: -R-Squared (R² or the coefficient of determination) is a statistical measure in a regression model that determines the proportion of variance in the dependent variable that can be explained by the independent variable. In other words, r-squared shows how well the data fit the regression model (the goodness of fit).