From the course: Machine Learning and AI Foundations: Classification Modeling
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Model assessment vs. business evaluation
From the course: Machine Learning and AI Foundations: Classification Modeling
Model assessment vs. business evaluation
- [Instructor] There are two different aspects to evaluating the performance of your models, and they're both important. So I wanna reference the cross-industry standard process for data mining. It's a document that was written about 20 years ago, and it's a powerful way to help you organize your thinking and organize your work when doing predictive analytics projects. If you wanna read it, the most reliable way is to simply go down to the references section of the CRISP-DM Wikipedia page and you can find the document. In particular, I wanna reference the following diagram inside the document. Model assessment is ranking your models on technical criteria. Criteria like lift and the performance in a confusion matrix. And we're gonna be covering multiple methods of model assessment in this course. Something that we won't be covering in this course is evaluation. Evaluation, really a kind of business evaluation, is looking at that model performance through the lens of things like return…
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