Why do we worry about overfitting even if “all models are wrong”?

I am wondering why we care so much about overfitting. We know that statistical models are tools to tell us some information, but they are not even fully accurate.

Answer

The quote by Box is along the lines of “All models are wrong, but some are useful.”

If we have bad overfitting, our model will not be useful in making predictions on new data.

Attribution
Source : Link , Question Author : Gillian , Answer Author : Dave

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