Model Performance

Model performance refers to how well a predictive or analytical model makes accurate and reliable predictions or insights based on data. It is typically evaluated using various metrics that measure aspects like correctness (accuracy), ability to identify true positives (precision), or how well it differentiates between different outcomes (discrimination). Good performance means the model's predictions closely match actual results, helping users make informed decisions. Conversely, poor performance indicates the model may need improvement or adjustments. Overall, assessing model performance ensures that the tool effectively achieves its intended purpose.