What cost will the company occur if the model simply always predicts to not perform maintenance? Assume that (i) when the model predicts that maintenance should be performed when it is not the case, the company loses $1000 and (ii) when the model predicts that maintenance should not be performed and the production line breaks down, the company will lose $5000.

Accuracy is a reliable metric for evaluating all types of machine learning models.

When determining the performance of a machine learning model, the company wants to understand how much incorrect predictions will cost them.

Assume that when the model the model predicts that maintenance should be performed, when it is not the case, the company loses $1000. On the other hand, when the model predicts that maintenance should not be performed and the production line breaks down, the company will lose $5000.

Calculate the expected daily loss given the following predictions:

Anomalous behavior can be detected without labelled data using unsupervised learning.

Classification algorithms are used to produce continuous output values.

Predicting the time until a component will fail is an example of ...