Question

"formal evaluation could include testing the predictive capabilities of the models on observed data to see how effective and efficient the algorithms have been in reproducing data." this is known as:

Answer 1

Answer :- In-sample forecast

In-sample forecast is formal evaluation could include testing the predictive capabilities of the models on observed data to see how effective and efficient the algorithms have been in reproducing data.

Additionally, the results are shared with the key stakeholders for feedback. This is updated in the later iterations of data mining to improve the process.

Data mining and evaluating the results becomes an iterative process.