A typical approach to modelling with a single sample. The data are partitioned into a training and a testing data set. This allows tests of model fit (internal validation) but gives no insight on the model’s forecast skill.

A typical approach to modelling with a single sample. The data are partitioned into a training and a testing data set. This allows tests of model fit (internal validation) but gives no insight on the model’s forecast skill.

A typical approach to modelling with a single sample. The data are partitioned into a training and a testing data set. This allows tests of model fit (internal validation) but gives no insight on the model’s forecast skill.

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