STATISTICAL TECHNIQUES AND TOOLS
CORRELATION COEFFICIENT COEFFICIENT OF DETERMINATION
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Question
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Explanation:
Detailed explanation-1: -Suppose you have a dataset with 10 observations. The R-squared value for this dataset is 0.75. This means that the linear regression model explains 75% of the variability in data. In this case, we would say that the linear regression model fits the data well.
Detailed explanation-2: -Interpretation of the Coefficient of Determination (R²) For example, a coefficient of determination of 60% shows that 60% of the data fit the regression model. Generally, a higher coefficient indicates a better fit for the model.
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