12 - Cross Validation

Question 1

What is LOOCV?

Answer 1

cross validation where we create n training sets of size (n-1) where in each set has one observation removed

Question 2

What is K-Fold CV?

Answer 2

cross validation where we randomly subdivided the samples into k approx. equal sized & non-overlapping sets

each set can be considered a validation set, with the rest of the data used to train the model

then calculate the MSE for each validation set