model-validation

Vocabulary Word

Definition

'Model-validation' is the process of confirming that a mathematical or statistical model is accurate. It's like verifying the fitness of a map with the real-world terrain it represents.

Examples in Different Contexts

In software development, 'model validation' involves verifying that data models accurately represent the business requirements they are designed to fulfill. A software engineer might note, 'Through model validation, we confirm the integrity and accuracy of our data models against the real-world scenarios.'

Practice Scenarios

Engineering

Scenario:

The prototype design is ready, and we've simulated several critical scenarios. We need to ensure that it will respond as expected.

Response:

I agree. We'll use model-validation to establish the reliability of our simulated scenarios.

Business

Scenario:

We're currently analyzing our risk management strategy, and it's critically important our financial models reflect the true landscape of the market.

Response:

Absolutely, I'll perform model-validation to ensure our risk models are fit for use in real-world scenarios.