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The PLS predict algorithm has been developed by Shmueli et al. (2016). The method uses training and holdout samples to generate and evaluate predictions from PLS path model estimations.
The research by Shmueli et al. (2016) proposes a set of procedures for prediction with PLS path models and the evaluation of their predictive performance. These procedures are combined in the PLSpredict package github.com/ISS-Analytics/pls-... for the statistical software R. They allow generating different out-of-sample and in-sample predictions (e.g., case-wise and average predictions), which facilitate the evaluation of the predictive performance when analyzing new data (that was not used to estimate the PLS path model). The analysis serves as a diagnostic for possible overfitting of the PLS path model to the training data.
In this webinar, r. Soumya Ray talks about what is predition? How is Predcition done in PLS? What are the current reporting standards for PLS Predict ? What are its limitations and how to deal with them?