Q4. Log-likelihood statistic
Large values of the log-likelihood statistic indicate:
- That there are a greater number of explained vs. unexplained observations.
- That the statistical model fits the data well.
- That as the predictor variable increases, the likelihood of the outcome occurring decreases.
- That the statistical model is a poor fit of the data.
My assumption is that the log likelihood is the function, which we are trying to maximize to minimize the error, so in that case the higher value of log-likelihood would point to less error. So I am not getting how the option 4 is right here.