When determining the performance of a machine learning model, the company wants ...
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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:
|
| Actual | |
|
| Maintenance | Not |
Predict | Maintenance | 2 | 5 |
| Not | 1 | 22 |
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