R-Squared Explained for Indian Grandma - Reskilling IT

In this post, you will learn about the concept of R-Squared in relation to assess the performance of multilinear regression machine learning model with the help of some real-world examples explained in simple manner. Once we have built a multilinear regression model, the next thing is to find out the model performance. The model performance can be found out by calculating the value of the Residual Standard Error (RSE) or the value of R-Squared. Residual Standard Error can be defined as the difference between the mean value of the prediction made by the model and the population mean value. In this article, we will learn the technique of evaluating the model performance using the value of R-Squared. Let's take an example of a real-world scenario where we went out for shopping some sarees, for upcoming festival, with our Grandma.