How well can we evaluate a regression equation “fits” the data by examining the R Square statistic, and test for statistical significance of the whole regression equation using the F-Test?
Is R square statistic is low, then it means there is less variation among the data collected and therefore it can be a good fit in the data and similarly, if the value is high, it means that there is lot of variation where the data isn't good fit. The statistical significance of the regression equation is tested using the F test where you've to compare p value to f value and if the p value is less than the f value, this means that the data fits well in your equation.
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