Consider the following results from a regression model outpu

Consider the following results from a regression model output and provide an overall assessment of the model.

Correlation Coeffcient = -.9715

Coeffcient of determination = .9438

P-value of the overall model = 5.10658E-06

P-value for the independent variable (x) = 0.0002595

Overall assessment?

Solution

This is a very good fit (high correlation magnitude, close to 1), p-value is extremely small (suggesting that this could not happen by chance), this model is significant and good.