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Model Evaluation Techniques

  • July 15, 2023
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The set of error functions below can be used to assess the model if the output variable 'Y' is continuous.

Error = Predicted Value - Actual Value (Actual Value is also called as Ground Truth Value)

  • Mean Error (ME)
Model Evaluation Techniques
  • Mean Absolute Error (MAE) or Mean Absolute Deviation (MAD)
Model Evaluation Techniques
  • Mean Squared Error (MSE)
Model Evaluation Techniques
  • Root Mean Squared Error (RMSE)
Model Evaluation Techniques
  • Mean Percentage Error (MPE)
Model Evaluation Techniques
  • Mean Absolute Percentage Error (MAPE)
Model Evaluation Techniques
  • Mean Absolute Scaled Error (MASE)
Model Evaluation Techniques
Model Evaluation Techniques
  • Correlation Coefficient

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Model Evaluation Techniques

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MAEin-sample naive is the mean absolute error produced by a naive forecast

If the ‘Y’ is Discrete variable (Classification Models) then we can use the following list:

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Confusion Matrix:

can be used for multi-class classification models as well as binary classifications.

To compare anticipated values with actual values, confusion matrix is employed.

Binary Classification Confusion Matrix:

Model Evaluation Techniques

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Model Evaluation Techniques
Model Evaluation Techniques

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  • True Positive (TP)

    Patient with disease is told that he/she has disease
  • True Negative (TN)

    Patient with no disease is told that he/she has no disease
  • False Positive (FP)

    Patient with no disease is told that he/she has disease
  • False Negative (FN)

    Patient with disease is told that he/she has no disease

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Model Evaluation Techniques

  • Precision = Prob. of correctly identifying a random patient with disease as having disease
    Precision is also called as Positive Predictive Value (PPV)
    Model Evaluation Techniques
  • Sensitivity (Recall or Hit rate or True Positive Rate) = Proportion of people with disease who are correctly identified as having disease
    Model Evaluation Techniques
  • Specificity (True negative rate) = TN/(TN+FP) = Proportion of people with no disease being characterized as not having disease
  • FP rate (Alpha or type I error) = 1 - Specificity
  • FN rate (Beta or type II error) = 1 - Sensitivity
  • F1 = 2 * ((Precision * Recall) / (Precision + Recall)); F1: 1 to 0 & defines a measure that balances precision & recall

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Model Evaluation Techniques

F1 score is the harmonic mean of precision and recall. Closer the ‘F1’ value to 1, better the accuracy.

Confusion Matrix

A cross table or contingency table are other names for a confusion matrix. Here is a multi-class categorization issue example.

Values off the diagonal are incorrectly predicted, whereas values along the diagonal are correctly predicted.

Model Evaluation Techniques

ROC Curve

Model Evaluation Techniques

Since World War II, the Receiver Operating Characteristic Curve has been employed to discern between genuine signals and false alarms.

The 'True Positive Rate (TPR)' and 'False Positive Rate (FPR)' are plotted on the Y-axis and X-axis, respectively, of the ROC curve.

Accuracy is represented graphically using the ROC curve.

The cut-off value is also determined using the ROC curve.

Examples include: Risk Neutral: The probability should be > 0.5 as the cut-off value to classify a customer under the "will default" category; Risk Taking: The probability should be > 0.8 as the cut-off value to classify a customer under the "will default" category; or Risk Averse: The probability should be > 0.3 as the cut-off value to classify a customer under the "will default" category.

AUC (Area Under the Curve) may be determined numerically if one needs to assess the accuracy.

Model Evaluation Techniques

0.9 - 1.0 = A (outstanding)

0.8 - 0.9 = B (excellent/good)

0.7 - 0.8 = C (acceptable/fair)

0.6 - 0.7 = D (poor)

0.5 - 0.6 = F (no discrimination)

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