Statistical Methods for Data Science
The Bayesian Information Criterion (BIC) is a statistical tool used to evaluate the fit of a model while penalizing for its complexity. It helps in model selection by balancing the goodness of fit against the number of parameters, thus preventing overfitting. BIC is particularly useful in contexts like exponential smoothing methods, where different models may be compared to find the most appropriate one for forecasting time series data.
congrats on reading the definition of Bayesian Information Criterion. now let's actually learn it.