Question

Describe various metrics used for classification and regression methods and also provide strengths and weaknesses of each in a business use case setting.​

Answer 1

Answer:

The most commonly used Performance metrics for classification problem are as follows, Accuracy. Confusion Matrix. Precision, Recall, and F1 score.

Area Under Curve(AUC) is one of the most widely used metrics for evaluation. It is used for binary classification problem. AUC of a classifier is equal to the probability that the classifier will rank a randomly chosen positive example higher than a randomly chosen negative example.

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