One can interpret r = 0.30 as follows: (a) A30% reduction in error occurs in using x
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One can interpret r = 0.30 as follows:
(a) A30% reduction in error occurs in using x to predict y.
(b) A 9% reduction in error occurs in using x to predict y compared to using ¯y to predict y.
(c) 9% of the time ˆy = y.
(d) y changes 0.30 units for every one-unit increase in x.
(e) When x predicts y, the average residual is 0.3.
(f) x changes exactly 0.30 standard deviations when y changes one standard deviation.
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