When should I use Lasso regression?

Can you explain when to use Lasso regression?

Lasso regression is useful when you have a large number of features and want to perform feature selection.

What are the benefits of using Lasso over other regression methods?

Lasso can reduce overfitting by penalizing the absolute size of coefficients, leading to simpler models.

Are there any specific scenarios where Lasso is preferred?

Yes, it's preferred when you suspect that many features are irrelevant or when you want a sparse model.

How does Lasso handle multicollinearity?

Lasso can help by selecting one variable from a group of correlated variables, effectively reducing multicollinearity.