Parsimonious models

Parsimonious models are simple models with great explanatory predictive power. They usually explain data with a minimum number of parameters, or predictor variables. MoEClust is the required R package that fits the finite Gaussian mixtures of experts' models. It uses a range of parsimonious covariance with the help of EM/CEM algorithms.

The steps to be carried out to perform parsimonious data analysis are as follows:

1. It is important to install the requisite package for parsimonious model creation of our bank dataset as follows:

> install.packages('devtools')
 Installing package into 'C:/Users/Radhika/Documents/R/win-library/3.5'
 (as 'lib' is unspecified)
 trying URL 'https://cran.rstudio.com/bin/windows/contrib/3.5/devtools_2.0.2.zip'
 Content type 'application/zip' length 383720 bytes (374 KB)
 downloaded...