Defining Measures of Success for Predictive Models

The determination of what is considered a good model depends on the particular interests of the organization and is specified as the business success criterion.

The business success criterion needs to be converted to a predictive modeling criterion so the modeler can use it for selecting models. If the purpose of the model is to provide highly accurate predictions or decisions to be used by the business, measures of accuracy will be used.

Author: Dean Abbott

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