Question - What is meant by Parametric and Non-parametric Models?
Answer -
Parametric models refer to the models having a limited number of parameters. In case of parametric models, only the parameter of a model is needed to be known to make predictions regarding the new data.
Non-parametric models do not have any restrictions on the number of parameters, which makes new data predictions more flexible. In case of non-parametric models, the knowledge of model parameters and the state of the data needs to be known to make predictions.