Table 1.
Statistic | Formulation | What is described | Unit independent |
Range of possible values |
Direction of better fits |
Appropriate use cases | |
---|---|---|---|---|---|---|---|
R2 |
|
The SSresidual expressed as a proportion of SStotal. | Yes | −∞ ↔ 1.0 | Closer to 1.0 | Describing how much of the variability in a dataset is accounted for by a model | |
RMSE |
|
The square root of the mean SSresidual | No | 0 ↔ ∞ | Closer to 0.0 | Describing the fit of the model in the units of the dependent variable without considering total data variability | |
AIC |
|
The mean SSresidual with an additional penalty for the complexity of the model | No | −∞ ↔ ∞ | Lower values | Determine which of a set of models is the most parsimonious after accounting for model complexity |
Note: SS = sum of squares; n = number of data points; k = number of fitted parameters in the regression model.