Quantitative Methods Questions
The coefficient of determination in regression analysis, also known as R-squared, is a statistical measure that represents the proportion of the variance in the dependent variable that can be explained by the independent variable(s) in a regression model. It ranges from 0 to 1, where 0 indicates that the independent variable(s) have no explanatory power, and 1 indicates that the independent variable(s) perfectly explain the variance in the dependent variable. In other words, the coefficient of determination measures the goodness of fit of the regression model and indicates how well the model predicts the dependent variable based on the independent variable(s).