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What metrics should I use to compare two different curve fitting methods?

To compare different curve fitting approaches, you should use statistical metrics such as R-squared, Adjusted R-squared, Root Mean Square Error (RMSE), and Sum of Squared Errors (SSE). R-squared measures the proportion of variance explained by the model, while RMSE and SSE measure the average magnitude of the errors, with lower values indicating a better fit.

Conditions

  • Two or more curve fitting models are being evaluated.
  • The models are fitted to the same dataset.

Reasoning, step by step

  1. Calculate R-squared for each model to assess goodness of fit.
  2. Calculate Adjusted R-squared to account for the number of predictors.
  3. Calculate RMSE to measure the average error magnitude.
  4. Calculate SSE to measure the total error.
  5. Compare the values across models to determine which performs better or if they are equivalent.

Example

The comparison table displays the column headers 'R_squared', 'RMSE', and 'SSE' with values 0.98962, 3.358/3.35793.358/3.3579, and 7.9075e+05/7.9073e+057.9075e+05/7.9073e+05 for both the Fitnlm approach and the Optimization approach. The speaker concludes, "As we can see, the two models are quite similar, and either functionality is usable depending on the requirements and the problem to solve."

Common misconceptions

  • Relying solely on R-squared without considering error metrics like RMSE or SSE.
  • Assuming a high R-squared guarantees the model is physically meaningful or free from overfitting without checking other diagnostics.

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