What are some desirable properties of estimators?
Unbiased: If an estimator is unbiased, its average value is equal to the population parameter
Unbiased: If an estimator is unbiased, its average value is equal to the population parameter
A model that is underfit will produce evaluation metrics that are poor on the training data alone, such as high RMSE or misclassification rate.
The bias/variance tradeoff refers to the challenge of finding a model that both performs at a high level of accuracy on the data on which it is trained (bias) while at the same time generalizes well to unseen data (variance)