Topic 10 Perfomance Measures of Algorithms and Models

In this note, we summarize the performance measures that are used in data science projects (i.e. in both machine learning and classical statistics). The focus is on the measures related to classification and regression models and algorithms.

Note that, in practice, looking at a single metric may not give us the whole picture of the problem we are trying to solve. In other words, we may want to use a set of metrics to have a concrete evaluation of the candidate models and algorithms.