Why Accurate Models Aren’t Always Useful

How economic utility functions help tie your models back to your customers

Let me begin by saying that there is a lot of excellent technical content around how to evaluate your models. Metrics like F1 score, MSE, MAE, Huber Loss, precision, recall, cross-entropy loss, and many others are terms that have been discussed at length all over the internet. However, these metrics generally focus on fitting your model to your data, not optimizing your …

classification-metrics data science economics machine learning project-management