Understand and calculate the Residual Sum of Squares (RSS), a key metric in regression analysis that measures the discrepancy between observed data and values predicted by a regression model. Lower RSS indicates a better fit, helping analysts evaluate model accuracy and performance. Use our intuitive online tool.
Formula:
RSS = Σ(yi - &hat;yi)2
Where:
- Σ: Summation
- yi: The i-th observed (actual) value
- &hat;yi: The i-th predicted value from the regression model