Statistical Inference
The bias-variance tradeoff is a fundamental concept in machine learning that describes the balance between two types of errors when building predictive models: bias, which is the error due to overly simplistic assumptions in the learning algorithm, and variance, which is the error due to excessive sensitivity to small fluctuations in the training data. Achieving a good model requires finding an optimal point where both bias and variance are minimized, leading to better generalization to new data.
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