Why do you think the objective of predictive modeling is minimizing the cost function? How would you define a cost function after all?

Question

Accepted Answer

The objective of predictive modeling is to minimize the cost function as it helps in optimizing the model's performance.

Predictive modeling aims to make accurate predictions by minimizing the cost function.
The cost function quantifies the discrepancy between predicted and actual values.
By minimizing the cost function, the model can improve its ability to make accurate predictions.
The cost function can be defined differently based on the problem at hand.
For example, in a binary classification problem, the cost function could be the sum of misclassification costs for each class.

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