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Explain what the coefficient of determination is and why it is important - Essay Example

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The coefficient of determination is a value that statisticians use to analyze and interpret the differences that occur in any particular variable due to the differences in some other variable. R2 or R squared is the symbol used to denote the coefficient of determination because…
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Explain what the coefficient of determination is and why it is important
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"Explain what the coefficient of determination is and why it is important"

Download file to see previous pages relationship between the coefficient of determination and the coefficient of correlation, which is used to reflect the linear relationship between two independent and dependent variables. The formula used for the calculation of the coefficient of determination is:
The coefficient of determination plays an important role in measuring the accuracy of a model, as well as in explaining the logical calculations. In statistical analysis, the resulting coefficient provides an insight into the statistical model’s goodness of fit. Moreover, in statistics, this value is also used to indicate the amount of data spread around the linear equation that shows the linear equation of a prediction. These uses show that the value of the coefficient of determination is critical in statistical analysis and interpretation of ...Download file to see next pagesRead More
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