Trash or treasure -- how to tell if a classification algorithm is any good

This is the fourth in a series of articles intended to make Machine Learning more approachable to those without technical training. Prior articles introduce the concept of Machine Learning, show how the process of learning works in general, and describe commonly used algorithms. You can start the series here. In this installment of the series, we review some common measures and considerations when assessing the effectiveness and value of a classification algorithm. To get started, let's assume that an algorithm has been developed on a training set and has generalized well.