Question: What is out-of-sample validity and how does this differ from measures of in-sample power? Why is it necessary to test out-of-sample predictive relevance in statistical

What is out-of-sample validity and how does this differ from measures of in-sample power? Why is it necessary to test out-of-sample predictive relevance in statistical modeling? List and fully explain two ways of testing out-of-sample validity for predictive models

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