What is a Cost function?

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A function we minimize to make our prediction close to the target values. in linear regression, we want to find an equation of line which is a close approximation of our training dataset, we we use sum of squared errors as the cost function and attempt to minimize that.

What is variance?

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Variance measures how far our data is spread out. If variance is zero, it means that all the data points are same. Technically, we can say that “ Variance is nothing but the average of square differences from the mean”. If we take square root of variance, we will get standard deviation.