R-squared

R-squared is a statistical measure that shows how well a model explains the variability of a dataset. It ranges from 0 to 1, where 0 means the model explains none of the variability and 1 means it explains all of it. For example, in a regression analysis predicting house prices based on size, an R-squared of 0.8 suggests that 80% of the variation in house prices can be explained by their size, while the remaining 20% is due to other factors or random fluctuations. Thus, a higher R-squared indicates a better fit for the model.