Calculating R-squared with duplicate dataI have the following question regarding the proper usage of R-squared value.Say I have an equation, that predicts energy consumption for the month of a building. One of the input variables accounts for time, so 1 would be for January, 2 would be for February, etc. and 12 would be for DecemberFor one year, I would have 12 numbers for predicted data points. Say also at the end of the year I am able to get the exact energy consumption from my Electric company. So now I have 12 predicted data points and 12 exact data points which were measured without any error.Would it be an accurate analysis to take these data points, and perform a regression analysis using excel? Could I then interpret the R-squared value as the telling me how similar the two sets of data are, and overall tell me whether or not the equation that predicts energy consumption is a good enough approximation of the true energy consumption?Also, if there's a some statistics genius who could tell me the proper way to interpret R-squared, I would really appreciate it. Thanks

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Calculating R-squared with duplicate dataI have the following question regarding the proper usage of R-squared value.Say I have an equation, that predicts energy consumption for the month of a building. One of the input variables accounts for time, so 1 would be for January, 2 would be for February, etc. and 12 would be for DecemberFor one year, I would have 12 numbers for predicted data points. Say also at the end of the year I am able to get the exact energy consumption from my Electric company. So now I have 12 predicted data points and 12 exact data points which were measured without any error.Would it be an accurate analysis to take these data points, and perform a regression analysis using excel? Could I then interpret the R-squared value as the telling me how similar the two sets of data are, and overall tell me whether or not the equation that predicts energy consumption is a good enough approximation of the true energy consumption?Also, if there&#039;s a some statistics genius who could tell me the proper way to interpret R-squared, I would really appreciate it. Thanks

tatovihd1 · Accepted Answer

R    2   is good for showing correlation, but you need more. For example, if your prediction is always twice higher than the actual consumption, then you get perfect correlation R=1 but this is clearly unacceptable.I think, the average (Mean) square error of prediction   M  S  E  =      1    n        ∑          i      =      1        n    (  A  c  t  u  a      l    i    −  P  r  e  d  i  c  t  e      d    i        )    2   should be a better measure.

Calculating R-squared with duplicate data I have the following question regarding the proper usage

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