There are various ways by which a model can be evaluated:

• Split test: In a split test, the dataset is divided into two parts, one is the training set and the other is test dataset. Once data is split the algorithm will use the training set and a model is created. The accuracy of a model is tested using the test dataset. The ratio of dividing the dataset in training and test can be decided on basis of the size of the dataset. It is fast and great when the dataset is of large size or the dataset is expensive. It can produce different result on how the dataset is divided into the training and test dataset. If the date set is divided in 80% as a training set and 20% as a test set, 60% as a training set and 40%, both will generate different results. We can go for multiple split tests, where the dataset is divided in different ratios and the result is found and compared for accuracy.
• Cross validation: In cross validation, the dataset is divided in number of parts, for example, dividing the dataset in 10 parts. An algorithm is run on 9 subsets and holds one back for test. This process is repeated 10 times. Based on different results generated on each run, the accuracy is found. It is known as k-fold cross validation is where k is the number in which a dataset is divided. Selecting the k is very crucial here, which is dependent on the size of dataset.
• Bootstrap: We start with some random samples from the dataset, and an algorithm is run on dataset. This process is repeated for n times until we have all covered the full dataset. In aggregate, the result provided in all repetition shows the model performance.
• Leave One Out Cross Validation: As the name suggests, only one data point from the dataset is left out, an algorithm is run on the rest of the dataset and it is repeated for each point. As all points from the dataset are covered it is less biased, but it requires higher execution time if the dataset is large.