The Coefficient of Determination (𝑅^2)

The Coefficient of Determination (R-squared) is a measure of how well a model fits a data set. It is the proportion of the variance in the dependent variable (y) that is predicted from the independent variables (x) in the model. It is expressed as a value between 0 and 1, where 0 means the model does not explain any of the variance in the data and 1 means that the model explains all of the variance. R-squared is a quantitative measure of how close the data points are to the fitted regression line. The higher the R-squared, the better the model fits the data.