AnsweredAssumed Answered

vrf definition of goodness of fit ?

Question asked by VRFuser on Jun 10, 2001
Hi Richard,
           Looked like a late night for you...

>From what I remember of my stats at school, the correlation needed to be up
around 0.9 to 0.95 to be able to make any meaningful conclusions so 1 would
be a perfect fit.  I don't have my A level notes to hand, unfortunately,
but from "Quantitative Methods" by Diana Bedward it is quoted as:

( sum(x*y) - n*mean_x*mean_y )/root((sum x^2 - n*mean_x^2)*(sum y^2) -

which follows from the least-squares method of doing the regression; if the
'means' coincide with the 'actuals' then the top and bottom of the equation
come out to be numerically the same.  Note that a negative slope yields a
perfect correlation figure of -1.

Hope that helps,


Mike Watts
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