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DEEPCHECKS GLOSSARY

Machine Learning Model Evaluation

What is Machine Learning Model Evaluation?

This Evaluation approach assists us in determining which algorithm best matches the provided dataset for addressing a certain problem. Similarly, in Machine Learning, it is referred to as Best Fit. It compares the performance of various Machine Learning models using the same input dataset. The assessment approach focuses on the model’s accuracy in forecasting the results.

Out of all the numerous algorithms we employ in the stage, we select the one that provides the most reliability for the data input and is deemed the best model since it predicts the outcome the best. When we work on tackling diverse challenges using machine learning, accuracy is the most important component. When accuracy is high, model predictions made using the provided data are also correct to the fullest degree feasible.

There are multiple phases to addressing an ML challenge, including dataset collection, problem definition, brainstorming on the available data, processing, conversion, training the model, and assessing. Even though there are multiple phases, evaluating a machine learning model is the most important since it offers us a sense of the accuracy of prediction models. In conclusion, accuracy measurements are used to determine the performance and utilization of the ML model.

Performance indicators for model evaluation educate us:

  • How effective is our model?
  • Is our model precise enough for production?
  • Will my model perform better with a larger training set?
  • Is my model over or under-fitting?

When your model makes categorization predictions, four potential outcomes are possible:

  • True positives happen when an observation truly belongs to the class to which your algorithm predicted it would belong.
  • True negatives happen when an observation is predicted by your system to not match a class and does not.
  • False positives happen when you assume an observation fits into a class when it does not. A type 2 mistake is another name for it.
  • False negatives happen when you assert that observation doesn’t fit into a class when it fits. A type 1 mistake is another name for it.

We may assess a model using several performance indicators based on the outcomes described above.

Classification model metrics

When analyzing classification models choosing the right metric for evaluating machine learning models is of paramount importance. Here is the list of model metrics:

  • Accuracy is defined as the proportion of correct outcomes to total cases. Strive for a high level of precision.
  • Log loss is a clinical outcome that shows the classifier’s advantage over a random guess. The log loss quantifies your model’s uncertainty by comparing the probability of its outputs against known values. You want to reduce log loss for the whole model.
  • The Confusion Matrix is the relationship between the label and the categorization of the model. A confusion matrix has one axis for the expected label and another for the actual label.
  • The area under the curve (AUC) is calculated by plotting false positives on the x-axis and true positives on the y-axis. This statistic is significant since it gives a single value that allows you to compare different types of models.
  • Precision is defined as the ratio of correct outcomes to all positive results.
  • The recall is the percentage of correct answers provided by the model.
  • The F1-score is another machine learning model evaluation metric. It’s the weighted average of accuracy and recall between 0 and 1, with 1 being the optimal F-score.

There are two critical steps in developing an ML model for a specific problem statement: training and testing. During the training phase, the models adapt from the data and forecast the final results. However, the generated model’s predictions must be correct. Because it can ensure how accurate the outcomes were to execute for the specified problem, testing is the most important step.

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How to evaluate a machine learning model?

A model evaluation techniques in machine learning:

  • The holdout technique is used to evaluate model performance and involves the use of two kinds of information for both testing and training. The test data is used to calculate the model’s performance, while the training data set is used to train it. This method is used to assess how well a machine learning model constructed using various algorithm strategies performs on unseen data samples. This method is straightforward, adaptable, and quick.

Cross Validation is the process of partitioning the entire dataset into data samples and then assessing the ML model with the other data samples to determine the model’s correctness.

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