7 Important Model Evaluation Error Metrics Everyone should know

Predictive Modeling works on constructive feedback principle. Get feedback from metrics, make improvements and continue until you achieve a desirable accuracy. Evaluation metrics explain the performance of a model. An important aspects of evaluation metrics is their capability to discriminate among model results. Once they are finished building a model, they hurriedly map predicted values on unseen data. This is an incorrect approach. Simply, building a predictive model is not your motive. But, creating and selecting a model which gives high accuracy on out of sample data.