In Part 1, we covered much of the basic terminology as well as a few key insights about the bias-variance formula (MSE = Bias² + Variance), including this paraphrase from Anna Karenina:
All perfect models are alike, but each unhappy model can be unhappy in its own way.
To make the most of this article, I suggest taking a look at Part 1 to make sure you’re well-situated to absorb this one.