I'm not smart enough to go into the technical details, so I'll use an example instead.
Machine learning is very effective in categorizing things - for example, given an image estimate whether it pictures a cancer cell or not.
On the other hand, machine learning sucks where you need to predict things instead of categorizing - for example, given a set of factors, figure out your risk of getting cancer within 5 years.
Any such machine learning predictive system will be useless due to under- or overfitting.
(Again, I'm not an expert, just a guy who has many years of experience trying to build such predictive systems.)
Machine learning is very effective in categorizing things - for example, given an image estimate whether it pictures a cancer cell or not.
On the other hand, machine learning sucks where you need to predict things instead of categorizing - for example, given a set of factors, figure out your risk of getting cancer within 5 years.
Any such machine learning predictive system will be useless due to under- or overfitting.
(Again, I'm not an expert, just a guy who has many years of experience trying to build such predictive systems.)