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CONTEXT
In the field of machine learning, evaluating the performance of models is crucial to ensure their reliability and effectiveness. This involves various statistical methods and metrics.
OBJECTIVE
The objective of this prompt is to outline the key evaluation techniques used in machine learning, detailing their applications and importance.
FORMAT
The response should include a detailed breakdown of evaluation metrics such as accuracy, precision, recall, F1 score, ROC-AUC, and more, along with examples of their application in real-world scenarios.
EXAMPLES
For instance, describe how F1 score is particularly useful in imbalanced datasets and how to compute it step-by-step.
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