What is BIC, how do you use it and what is a good BIC value?
Apr 24, 2019 11:01 AM
In his Text Explorer Mastering JMP webinar, Nick Shelton explained how to interpret BIC value as part of Latent Class Cluster Analysis. BIC (Bayesian Information Criteria) estimates the likelihood of a model to predict. There is no explicitly 'good' BIC value. BIC values need to be compared. The best model for the data is the one with the lowest BIC value.