Description: Leave-One-Out Cross-Validation (LOOCV) is a cross-validation method used in machine learning and statistics to evaluate a model’s generalization ability. In this approach, a dataset is taken, and the model is trained using all observations except one, which is reserved for validation. This process is repeated for each observation in the dataset, meaning that if there are ‘n’ observations, ‘n’ iterations will be performed. Each time, the model is trained with ‘n-1’ observations and evaluated with the remaining observation. This method is particularly useful when a small dataset is available, as it maximizes the use of data for training. However, it can be computationally expensive, as it requires training the model ‘n’ times. LOOCV provides a more accurate estimate of model performance compared to other cross-validation methods, such as k-fold cross-validation, as it uses almost all data for training in each iteration. However, its sensitivity to individual data points can lead to high variance in performance estimates, which is a consideration when choosing this method for model validation.
