What is Out-Of-Sample Evaluation?

Out-Of-Sample Evaluation means to withhold some of the sample data from the model identification and estimation process, then use the model to make predictions for the hold-out data in order to see how accurate they are and to determine whether the statistics of their errors are similar to those that the model made within the sample of data that was fitted.

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If you want to look for more information, check some free online courses available at   coursera.orgedx.org or udemy.com.

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