In comparing two different regression models that were developed using the same data, we might say...
In comparing two different regression models that were developed using the same data, we might say that the model with the higher R2 value will provide the most accurate predictions. Is this true? Why or why not?
Homework Answers
The above statement is TRUE, because-
Goodness-of-fit measures, like R-squared, assess the scatter of the
data points around the fitted value. The R-squared for our model is
76.1%, which is good but not great. For a given dataset, higher
R-squared values represent predictions that are more precise.
However, R-squared doesn’t tell us directly how precise the
predictions are in the units of the dependent variable. We can use
the standard error of the regression (S) to assess the precision in
this manner.
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