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What is a good coefficient of determination?
What is a good coefficient of determination?
Giulia
Sat Oct 12 2024
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6 answers
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I am trying to understand what constitutes a good coefficient of determination in statistical analysis. I want to know the range or value that is generally considered acceptable or desirable for this metric.
6 answers
DondaejiDelightfulCharmingSmile
Mon Oct 14 2024
The coefficient of determination, also known as R-squared, is a statistical measure that indicates the strength of the relationship between a dependent variable and one or more independent variables in a regression model.
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GeishaCharm
Mon Oct 14 2024
The value of R-squared ranges from 0 to 1, with 1 indicating a perfect fit between the predicted values and the actual values, and 0 indicating no linear relationship between the variables.
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Tommaso
Mon Oct 14 2024
While an R-squared value of 1 is theoretically possible, it is rarely achieved in real-world scenarios. An R-squared value of 0.70 or higher is generally considered to be a good fit, indicating that the model explains a significant portion of the variability in the dependent variable.
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Tommaso
Mon Oct 14 2024
In the context of predicting a y variable, such as rent, an R-squared value of 1 would mean that the model perfectly predicts the actual rent values. However, as mentioned earlier, this is an unrealistic expectation.
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Valentina
Sun Oct 13 2024
In practice, a high R-squared value suggests that the model is capturing most of the variability in the dependent variable, which can be useful for making predictions or identifying factors that influence the variable.
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