As asked
Explain the bias-variance tradeoff. Use a concrete worked example, not just the definitions.
Sample answer outline
Bias is error from oversimplifying assumptions; variance is error from over-fitting to training noise. Concrete example: predicting house prices. A constant model (predict the mean) has very high bias but zero variance. A degree-15 polynomial on 100 points has very low bias but huge variance - it tracks the training data perfectly and fails on new data. The optimum is somewhere in between. Mitigation: regularisation (L1/L2), cross-validation to estimate the curve, ensembling to average out variance.
Expect these follow-ups
- How does L2 regularisation specifically reduce variance?
- Where does the bias-variance decomposition come from mathematically?
- Why does bagging reduce variance but boosting reduce bias?