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Questions and Answers

What is the principle of parsimony,also known as Occam's Razor, primarily concerned with?

Developing complex models to explain data

Keeping models and explanations as simple and concise as possible (correct)

Comparing the goodness of fit of different models

Selecting the most accurate model for data analysis

What does AIC stand for in model selection and comparison?

Alternative Information Criterion

Akaike Information Criterion (correct)

Analytical Information Criterion

Advanced Information Criterion

What is the main difference between AIC and BIC in model selection?

AIC penalizes models with more parameters, while BIC does not (correct)

AIC is used for qualitative data, while BIC is used for quantitative data

AIC is used for model comparison, while BIC is used for model selection

AIC provides a way to compare the goodness of fit of different models, while BIC does not

What is the purpose of calibration of a model?

To validate a model using real data Signup and view all the answers

What is the Value Framework Pyramid?

A framework consisting of Utilitarian, Experiential, Symbolic, Aesthetic or ethical values Signup and view all the answers

What is a characteristic of a descriptive model?

Ability to describe a phenomenon Signup and view all the answers

What does the R-squared value of 1 indicate in a regression model?

100% of the variance in the dependent variable is explained by the independent variable(s) Signup and view all the answers

What is the term for a third variable that may explain the relationship between two other variables?

Tertium quid Signup and view all the answers

What is the purpose of the independent variable in a statistical analysis?

To manipulate or measure the effect on the dependent variable Signup and view all the answers

What is the logit model used for?

Analyzing binary outcome data Signup and view all the answers

What is the main concept used to determine the importance of each principal component in PCA?

Variance Signup and view all the answers

What is the purpose of classification in segmentation analysis?

To assign individual units to different segments based on their characteristics or behavior Signup and view all the answers