Which one of the following statements is TRUE about the Bias-Variance Tradeoff in predictive analytics? A good predictor

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answerhappygod
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Which one of the following statements is TRUE about the Bias-Variance Tradeoff in predictive analytics? A good predictor

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Which one of the following statementsis TRUE about the Bias-Variance Tradeoff in predictiveanalytics?
A good predictor needs to minimize both Bias and Varianceerrors.
A good predictor needs to balance (trade-off) the Bias-Varianceerrors.
Bias error is an error from sensitivity to small fluctuations inthe data set.
Variance error is an error from erroneous assumptions inbuilding the prediction model.
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