In interpreting the quality of a regression model, the following aspects are taken into consideration.
High adjusted R2: R2 is proportion of variation in the dependent variable explained by the independent variables. Radj2 adjusts for number of explanatory terms in a model relative to the number of data points (i.e., df associated with the sums of squares).
Significant F-statistic: The null hypothesis that all coefficients (b1, b2 …) are zero can be conclusively rejected.
Significant t-statistics: The individual coefficients are statistically significant.
Residuals are random, normally distributed, with mean 0, and their variance does not vary significantly, over the values of the independent variables.
Use the Search Bar to find content on MarketingMind.
In an analytics-driven business environment, this analytics-centred consumer marketing workshop is tailored to the needs of consumer analysts, marketing researchers, brand managers, category managers and seasoned marketing and retailing professionals.
Unlock the Power of Digital Marketing: Join us for an immersive online experience designed to empower you with the skills and knowledge needed to excel in the dynamic world of digital marketing. In just three days, you will transform into a proficient digital marketer, equipped to craft and implement successful online strategies.