Akaike Information Criterion or AIC is a statistical method used for model selection. It helps you compare candidate models and select the best among them.
Candidate models can be models each containing a different subset or combination of independent/predictor variables.
AIC aims to select the model which best explains the variance in the dependent variable with the fewest number of independent variables (parameters). So it helps select a simpler model (fewer parameters) over a complex model (more parameters).
But why select a simpler model over a complex one?
We know that the more complex the model, the…
Covariance and correlation, you have probably come across these terms in probability theory and statistics. They both are used to describe a very similar aspect i.e the type of linear relationship between some random variables/ features. But then what are the differences between these terms and which one should you use?
To answer these questions I’ll first start by giving a brief overview of these topics. I’ll be using car specifications as an analogy for better intuition.
Covariance signifies the direction of the linear relationship between some random variables i.e if the variables are directly proportionate or inversely proportionate…
Don’t forget to stretch comrades