Hi, I am trying to finish an assignment and I am stumped on one question. It is asking me to build a valid parsimonious regression model. What do they exactly mean by parsimonious? and how do I build one of these models. Please help! regards Sarah
Parsimonious means "mean" or "tight-fisted" normally, but in statistics it refers to simplicity. Therefore a Parsimonious model refers to the "simplest plausible model with the fewest possible number of variables".