Beyond R-squared: Assessing the Fit of Regression Models

February 20th, 2024 by

Stage 2A well-fitting regression model results in predicted values close to the observed data values. The mean model, which uses the mean for every predicted value, generally would be used if there were no useful predictor variables. The fit of a proposed regression model should therefore be better than the fit of the mean model. But how do you measure that model fit?