In lesson 2, the coefficient of determination is explained. I am having a tough time building an intuitin about this concept.
The doubts i have are as follows:
-Firstly, what is the point of squaring the differences in the calculation of SS(tot) and SS(res)?
What does it actually say about the data?
In the second video, someone in the audience stated that R2 determines the percentage of variation that the model covers. Is this true?
Could someone care to explain this in detail or point me to somewhere i could read about it?
Thanks in advance