Which statement BEST describes the primary difference between model validation and model monitoring?
Select an answer to reveal the explanation.
Short Explanation
Here's the deal — b is correct because model validation is primarily a pre-deployment gate that assesses whether the model is fit for purpose before it goes into production, while model monitoring is the ongoing surveillance of a model already in production to detect performance degradation, drift, and emerging risks. Both activities are part of the full model lifecycle but serve distinct purposes at different stages.
Full Explanation
B is correct because model validation is primarily a pre-deployment gate that assesses whether the model is fit for purpose before it goes into production, while model monitoring is the ongoing surveillance of a model already in production to detect performance degradation, drift, and emerging risks. Both activities are part of the full model lifecycle but serve distinct purposes at different stages. A conflates the distinction between technical and business performance, which both validation and monitoring can assess. C is incorrect; both can be performed by internal or external parties. D is incorrect; monitoring requirements depend on risk tier and model materiality.