(More notes from my Udacity Machine Learning Nanodegree course)
Once you have measured model performance, it is important to understand the reasons why models exhibit errors in the first place.
In model prediction there are two main sources of errors that a model can suffer from.
Bias occurs when a model has enough data but is not complex enough to capture the underlying relationships. As a result, the model consistently and systematically misrepresents the data, leading to low accuracy in prediction. This is known as underfitting. Simply put, bias occurs when we have an inadequate model.
When training a model, we typically use a limited number of samples from a larger population. If we repeatedly train a model with randomly selected subsets of data, we would expect its predictions to be different based on the specific examples given to it. Here variance is a measure of how much the predictions vary for any given test sample.
Some variance is normal, but too much variance indicates that the model is unable to generalize its predictions to the larger population. High sensitivity to the training set is also known as overfitting, and generally occurs when either the model is too complex or when we do not have enough data to support it.
We can typically reduce the variability of a model’s predictions and increase precision by training on more data. If more data is unavailable, we can also control variance by limiting our model’s complexity.
Improving the Validity of a Model
There is a trade-off in the value of simplicity or complexity of a model given a fixed set of data. If it is too simple, our model cannot learn about the data and misrepresents the data. However if our model is too complex, we need more data to learn the underlying relationship. Otherwise it is very common for a model to infer relationships that might not actually exist in the data.
The key is to find the sweet spot that minimizes bias and variance by finding the right level of model complexity. Of course with more data any model can improve, and different models may be optimal.