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Methods explained: Data reduction and model selection techniques

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  • Graeme Chamberlin

    (Office for National Statistics)

Abstract

Outlines problems dealing with large numbers of variables, explaining techniques available toreduce them to more manageable proportions.Researchers and analysts now have access to increasingly large data sets. This article outlines some of the problems of dealing with alarge number of variables and explains some of the techniques that can be used to reduce the number of available indicators to a moremanageable size. This can be helpful in analysing the data or in modelling and forecasting work. Economic & Labour Market Review (2007) 1, 62–67; doi:10.1057/palgrave.elmr.1410141

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  • Graeme Chamberlin, 2007. "Methods explained: Data reduction and model selection techniques," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 1(9), pages 62-67, September.
    • Handle: RePEc:pal:ecolmr:v:1:y:2007:i:9:p:62-67
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