​The R² Statistic (Also Referred to as the Coefficient of Determination)

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​The R² statistic (also referred to as the coefficient of determination) ranges in value from 0 to 1 (0 $\le$ R² $\le$ 1) and indicates the proportion of the total variation in the dependent variable Y around its mean (average) that is accounted for by the independent variable(s) in the estimated regression function.