Bias-Variance Tradeoff

This article was published as part of the Data science Blogathon. In this post, we will explain the bias-variance tradeoff in machine learning and how we can get the most out of it. We will follow up with some illustrative examples and practical implementation in the end. First things first let us learn about what does bias, variance, and trade-off actually mean practically without learning some bookish definitions. So Bias is basically a part of a generalization error that comes across due to some wrong assumptions that we make during our development process i.e. assuming that the data is linear when it is actually quadratic.