A Series of blog posts on Data Science, Data Mining.

Thursday, July 31, 2014

Assessing Model Accuracy - Part 2

In my last post, I have explained about MSE, today I will explain the variance & bias trade-off, Precision recall trade-off while assessing the model accuracy.

What is Variance and bias of a statistical learning Method?
Variance refers to the amount by which the estimated output (f) would change if we estimated it (f) using a different training dataset. Since the training data is used to fit the statistical learning method, different training sets will result in different outputs (f).