R-squared: R-squared is a statistic that measures how close the data points in a set are to a regression line (how well a model fits the data). It is a number between 0 and 1, with 1 indicating a perfect correlation and 0 indicating no correlation at all. It is calculated by taking the sum of the squares of the residuals divided by the total number of observations.
Covariance is a measure of how two variables change together. It is calculated as the variance of the product of the two variables divided by the product of their standard deviations.
Definition of Prior Distribution A prior distribution is a probability distribution that is used to assign a probability to each outcome in a problem before any data is observed. This distribution is usually chosen based on experience or intuition.
Definition of Weighted Average Weighted Average: Weighted average is a calculation that assigns a weight to each value in a set and then calculates the sum of those weights divided by the sum of the weights.
Definition of Root Mean Squared Error Root Mean Squared Error: Root Mean Squared Error (RMSE) is a measure of the accuracy of predictions made by a model. It is calculated by taking the square root of the average of the squared differences between the actual values and the predicted values.