13.1 The Attributes of a good model Criteria to judge a model: Principle of parsimony A model should be kept as simple as possible 2. Identifiability For a given set of data the estimated parameters must have unique values 3. Goodness of fit Model is judged good by the higher adjusted R(=R2)13.1 The Attributes of a Good Model ——Criteria to judge a model: 1. Principle of parsimony A model should be kept as simple as possible. 2. Identifiability For a given set of data the estimated parameters must have unique values 3. Goodness of fit. Model is judged good by the higher adjusted R2 (= ) 2 R