Explain the bias-variance trade-off.
What they're checking
Whether you understand why models fail on new data, which underlies most modelling decisions.
A strong answer covers
- Define bias as error from over-simple assumptions, which leads to underfitting.
- Define variance as sensitivity to the particular training data, which leads to overfitting.
- Explain that more complex models usually lower bias and raise variance, and the aim is the lowest error on unseen data.
- Name how you manage it in practice, with cross-validation, regularisation, more data or ensembles.