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In the model-building phase, model-selection criteria may favour more than one regression model. It is then prudent to assess the validity of each model. One

In the model-building phase, model-selection criteria may favour more than one regression model. It is then prudent to assess the validity of each model. One approach is to calibrate the predictive abilities of these favoured regression models. Discuss this approach by explaining how mean square errors are used. (Provide the relevant formulae.) (4)

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