BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Model validation is the process by which model outputs are (systematically) compared to independent real-world observations to judge the quantitative and qualitative correspondence with reality.

Detailed explanation-2: -Model validation is the process that is carried out after Model Training where the trained model is evaluated with a testing data set. The testing data may or may not be a chunk of the same data set from which the training set is procured.

Detailed explanation-3: -Models can be validated by comparing output to independent field or experimental data sets that align with the simulated scenario.

Detailed explanation-4: -The purpose of model validation is to check the accuracy and performance of the model basis on the past data for which we already have actuals.