BIC

BIC, or Bayesian Information Criterion, is a statistical tool used to compare different models and determine which best fits a set of data. It balances model complexity against how well the model explains the data—favoring simpler models unless a more complex one provides a significantly better fit. Lower BIC values indicate a more suitable balance, helping researchers choose models that are both accurate and parsimonious. Essentially, BIC guides you to select the most appropriate model without overfitting, ensuring reliable and interpretable results.