Consider the validation set approach. We estimate the model on the training set, and make predictions on the validation set.True/False
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Validation of the model is to check the logic of the model and to determine if all the calculations, steps, and procedures are done correctly in the model.
No matter how accurate the input data are, if the model is accurate, the results are accurate.
If a model is either misrepresented or the structures and causal relationships in the model are faulty, the model’s outcome and recommendations may be misleading. In other words, you will get “right behaviour for the wrong reasons”. Which form of validity ensures the: “right behaviour for the right reasons”. Choose the best answer.
Once your stochastic model is constructed, how do you check that it is working properly?
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