Question

I did a multiple regression analysis of some data and got a multiple R squared value of 0.07004 and an overall p value of 0.7479. What does this mean?

Answer 1

Multiple R squared value is too small and positive, this means that only 7% of the variation in the dependent variable can be explained by the regression model( 7% is very low)

p value is 0.7479, this is really high p value and as compared to significance level of 0.05, it is higher. So, in this case, null hypothesis should be retained as there is insufficient evidence to reject the null hypothesis

Therefore, we can say that the model is good fit because explained variation is very low and p value is insignificant