Whenever there is any mention of ethics in the context of AI, the topic of bias & fairness often follows.

Similarly, whenever there is any mention of training and testing machine learning models, the trade-off between bias & variance features heavily.

Some basic definitions..

Before I go on to explain, I suspect most of the readers of this blog already have at least a basic understanding of machine learning and related concepts, so I will only go through some key definitions mainly for reference: