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I have a question about small data sets...

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What is the major problem with a small data set? From my beginner knowledge of ML, I am thinking that a ML system trained on a small data set does not necessarily generalise well to all situations? What methods can I use to improve and test my system (for instance my ANN or kNN - still need to evaluate each of them with the small data sets) when I do have a small data set? Thank you all for the help in advance!

submitted by Xirious
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