A Teaching Note for Model Selection and Validation
DOI:
https://doi.org/10.15415/mjis.2013.12012Keywords:
Model Selection and Validation, Weibull and Gamma, LogisticAbstract
The model selection problem is always crucial for any decision making in statistical research and management. Among the choice of many competing models, how to
decide the best is even more crucial for researchers. This small article is prepared as a teaching note for deciding an appropriate model for a real-life data set. We briefly
describe some of the existing methods of model selection. The best model from the two competing models is decided based on the comparison of the limited expected value
function (LEVF) or loss elimination ratio (LER). A data set is analyzed through MINITAB software.
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Articles in Mathematical Journal of Interdisciplinary Sciences (Math. J. Interdiscip. Sci.) by Chitkara University Publications are Open Access articles that are published with licensed under a Creative Commons Attribution- CC-BY 4.0 International License. Based on a work at https://mjis.chitkara.edu.in. This license permits one to use, remix, tweak and reproduction in any medium, even commercially provided one give credit for the original creation.
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Mathematical Journal of Interdisciplinary Sciences by Chitkara University Publications is licensed under a Creative Commons Attribution 4.0 International License. Based on a work at https://mjis.chitkara.edu.in |
