In machine learning, dealing with covariate imbalance is an important consideration. Can you explain some approaches or techniques that can be used to address covariate imbalance in a dataset? How do these approaches help in improving the performance of machine learning models?

Interview question asked to Data Scientists interviewing at Capital One, Robinhood, Tokopedia and others: In machine learning, dealing with covariate imbalance is an important consideration. Can you explain some approaches or techniques that can be used to address covariate imbalance in a dataset? How do these approaches help in improving the performance of machine learning models?.