Bayesian Information Criterion

The Bayesian Information Criterion (BIC) is a statistical tool used to compare different models and select the best one. It balances how well a model fits the data against its complexity; simpler models are preferred unless a more complex model significantly improves the fit. BIC penalizes models with more parameters to avoid overfitting. Lower BIC values indicate a better trade-off between accuracy and simplicity, helping researchers choose the most appropriate model for their data without overcomplicating things.