Question

Which of the following values of loss function determines whether a model is a good fit for the dataset?

High Value
Low Value
Not dependent on Loss Function
Exponentially High Value

Answer 1

The low value of loss function determines whether a model is a good fit for the datasets.

Explanation:

A loss function is a type of function that is used in decision theory and mathematical optimization. It maps the values and events of more than one variables and represents them as a cost.

The values of loss function depends upon the predictions. If the predictions are not good, the loss function tends to be of high value. On the other hand,  if it is pretty good, the loss function tends to be of low value.  

Therefore, a low value of loss function determines that a particular model is a good fit for the datasets.