Leave One Out Cross Validation

Special Case of K-fold Cross Validation.

$k=N$ where $N$ is the number of data points in the dataset.

Steps

1. Split the dataset into $N$ folds.
2. In each iteration $1$ point is used as the Validation Set. The remaining $N-1$ points are used as the Training Set.

Pros

Less Bias Deterministic General

Cons

Computationally Demanding More Variance