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What is BIC, how do you use it and what is a good BIC value?

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.