Abstract:
The model selection problem is always crucial for any decision making in statistical research and management. Among the choice of many competing models, how to
decide the best is even more crucial for researchers. This small article is prepared as a teaching note for deciding an appropriate model for a real-life data set. We briefly
describe some of the existing methods of model selection. The best model from the two competing models is decided based on the comparison of the limited expected value
function (LEVF) or loss elimination ratio (LER). A data set is analyzed through MINITAB software.
