You're reading from Data Science for Marketing Analytics - Second Edition

Product typeBook

Published inSep 2021

Reading LevelIntermediate

PublisherPackt

ISBN-139781800560475

Edition2nd Edition

Languages

Python

Tools

GDI

Concepts

Data Science

Authors (3):

Mirza Rahim Baig

Gururajan Govindan

Vishwesh Ravi Shrimali

View More author details

Performance Metrics

In the case of classification algorithms, we use a confusion matrix, which gives us the performance of the learning algorithm. It is a square matrix that counts the number of True Positive (TP), True Negative (TN), False Positive (FP), and False Negative (FN) outcomes:

Figure 8.45: Confusion matrix

For the sake of simplicity, let's use 1 as the positive class and 0 as a negative class, then:

TP: The number of cases that were observed and predicted as 1.

FN: The number of cases that were observed as 1 but predicted as 0.

FP: The number of cases that were observed as 0 but predicted as 1.

TN: The number of cases that were observed as 0 and predicted as 0.

Consider the same case study of predicting whether a product will be returned or not. In that case, the preceding metrics can be understood using the following table:

Figure 8.46: Understanding the metrics

Precision

Precision is the ability of a classifier to not label a sample that is...

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Data Science for Marketing Analytics - Second Edition

Published in: Sep 2021Publisher: PacktISBN-13: 9781800560475

Authors (3)

Mirza Rahim Baig

Mirza Rahim Baig is a Data Science and Artificial Intelligence leader with over 13 years of experience across e-commerce, healthcare, and marketing. He currently holds the position of leading Product Analytics at Marketing Services for Zalando, Europe's largest online fashion platform. In addition, he serves as a Subject Matter Expert and faculty member for MS level programs at prominent Ed-Tech platforms and institutes in India. He is also the lead author of two books, 'Data Science for Marketing Analytics' and 'The Deep Learning Workshop,' both published by Packt. He is recognized as a thought leader in my field and frequently participates as a guest speaker at various forums.
Read more about Mirza Rahim Baig

Gururajan Govindan

Gururajan Govindan is a data scientist, intrapreneur, and trainer with more than seven years of experience working across domains such as finance and insurance. He is also an author of The Data Analysis Workshop, a book focusing on data analytics. He is well known for his expertise in data-driven decision-making and machine learning with Python.
Read more about Gururajan Govindan

Vishwesh Ravi Shrimali

Vishwesh Ravi Shrimali graduated from BITS Pilani, where he studied mechanical engineering, in 2018. He also completed his Masters in Machine Learning and AI from LJMU in 2021. He has authored - Machine learning for OpenCV (2nd edition), Computer Vision Workshop and Data Science for Marketing Analytics (2nd edition) by Packt. When he is not writing blogs or working on projects, he likes to go on long walks or play his acoustic guitar.
Read more about Vishwesh Ravi Shrimali

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Performance Metrics

Precision

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