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Which performance metrics are suitable for evaluating classification tasks?

Accuracy and F1 Score

Precision and Recall

In the context of evaluating classification tasks, precision and recall are particularly important metrics that provide valuable insights into the performance of a classification model.

Precision measures the proportion of true positive predictions among all positive predictions made by the model. This is critical in scenarios where the cost of false positives is high. For example, in medical testing, a false positive might indicate a healthy person has a disease, leading to unnecessary stress and further testing.

Recall, on the other hand, calculates the proportion of true positive predictions among all actual positive instances in the dataset. This metric is crucial in situations where missing a positive case (false negative) would have serious consequences. For instance, in fraud detection, failing to identify a fraudulent transaction can lead to significant financial losses.

Both precision and recall are essential for understanding a model's ability to correctly identify relevant instances, particularly in imbalanced classes where one class may be significantly more prevalent than the other. Together, they provide a more nuanced view of model performance compared to using accuracy alone.

While accuracy measures the overall correctness of the model's predictions, it may not accurately reflect performance in cases of skewed class distribution. The F1 Score, which combines precision and recall into a single metric, is also relevant but is not explicitly chosen

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Precision and Correlation

Recall and Specificity

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