R^2 (R-squared)

R² (R-squared) measures how well a statistical model explains the variation in a target variable using the data it's based on. It ranges from 0 to 1, where 0 indicates the model explains none of the variation, and 1 means it explains all of it. For example, an R² of 0.8 suggests that 80% of the differences in the outcome can be accounted for by the model's predictors. It provides a summary of the model's fit, helping to assess how accurately the model captures the relationships in the data.