Determine which of the following statements describe the advantages of using an alternative fitting procedure, such as subset selection and shrinkage, instead of least squares.

• Doing so will likely result in a simpler model
• Doing so will likely improve prediction accuracy
• The results are likely to be easier to interpret

• I only
• II only
• III only
• I, II, and III
• The correct answer is not given by (A), (B), (C), or (D)

Determine which of the following statements is true

• Linear regression is a flexible approach
• Lasso is more flexible than a linear regression approach
• Bagging is a low flexibility approach
• There are methods that have high flexibility and are also easy to interpret
• None of (A), (B), (C), or (D) are true