Machine Learning Models Basic Performance Metrics

When analyzing data using ML, a suitable model is selected based on the task. Classifier models learn from labeled training data and predict discrete classes, while regression models learn from training data and predict continuous values. To evaluate the performance of machine learning models, various metrics are used. These include accuracy, precision, recall, F1 score, AUC-ROC, MAE, MSE, and R-squared. The choice of metrics depends on the specific problem and the nature of the data. Visualization tools such as confusion matrices, ROC curves, precision-recall curves and others can be used to gain insights into the performance of classifiers and understand their behavior. When dealing with imbalanced data, using accuracy as an evaluation metric can be misleading. Accuracy does not account for class imbalance, it may overestimate the performance. It is important to consider other metrics such as AUC and others which provide a more comprehensive evaluation performance in imbalanced datasets.