Intro to Business Analytics
The Akaike Information Criterion (AIC) is a statistical measure used to compare different models and assess their goodness of fit while penalizing for complexity. It helps in selecting a model that best explains the data without overfitting by balancing the trade-off between the model's accuracy and the number of parameters used. A lower AIC value indicates a more preferable model, making it a key concept in model selection, particularly in multiple linear regression analysis.
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