A Basic Recipe for Machine Learning

Ever since wrapping up the three Deep Learning courses by Andrew Ng I've been meaning to write down some of the gems that he's highlighted throughout the course. One of the nice ones that I felt needed to be written down is his general recipe to approaching a deep learning algorithm/model. I've basically summarized it in a flowchart below (because everybody loves a flow chart right?) What is bias and variance? The below diagram is the typical explanation that I'm sure most of us are used to.