⟩ Tell me how much data will you allocate for your training, validation and test sets?
There is no to the point answer to this question but there needs to be a balance/equilibrium when allocating data for training, validation and test sets.
If you make the training set too small, then the actual model parameters might have high variance. Also, if the test set is too small, there are chances of unreliable estimation of model performance. A general thumb rule to follow is to use 80: 20 train/test spilt. After this the training set can be further split into validation sets.
