I've been researching all afternoon trying to get a better idea of what the Likelihood ratio test and the Wald test are actually doing.
I have a bunch of covariates and I'm testing out like 30 different variations of them to see which model is the best. My issue is I'm having trouble figuring out what the LRT and the wald test are actually doing to help me achieve this.
My searching has brought me only to the idea that both these statistics demonstrates how far the parameter is from the MLE.
Any help would be awesome!