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What is a real world example of Bias-Variance Tradeoff

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A simple straight line model predicting house prices may miss important patterns, high bias, while a very complex model may fit every small detail of the training houses and fail on new houses, high variance.
Real-world example A simple straight line model predicting house prices may miss important patterns, high bias, while a very complex model may fit every small detail of the training houses and fail on new houses, high variance.

Common follow-ups: What is overfitting, What is regularization, What is model complexity

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All 7 Bias-Variance Tradeoff questions