Over the past decade, AI development has gained momentum at what seems like an inexorable pace, affecting all sectors. AI-powered services are already being applied to create more personalized shopping experiences on e-commerce platforms, drive productivity in manufacturing, and generate content in creative industries. Soon, it will enable large-scale access to precision medicine.
However, as AI becomes an integral part of our lives, it is essential to address its potential quality issues to create value and ensure trust in AI systems. One of the key requirements of high-quality AI systems is optimal machine learning (ML) model performance.
In this blog post, we will explain what machine learning (ML) model performance, present key performance metrics, and highlight real-world applications that showcase its significance.
Metrics to Measure ML Model Performance
At its core, machine learning model performance refers to the ability of a model to make accurate predictions on new, unseen data. To this end, data scientists analyze various metrics to evaluate how well a model is performing its intended task. As AI models are deployed in high-stakes domains, ensuring their performance becomes even more critical.
There are various metrics that one can use to assess the performance of machine learning models, depending on the problem at hand. Let’s explore some of the most commonly used metrics:
- Accuracy: it measures the proportion of correct predictions to the total number of predictions made by the model. While accuracy is a valuable measure, it might not be suitable for datasets with imbalanced classes. For instance, in the case of financial fraud detection, where genuine transactions vastly outnumber fraudulent ones, a model labeling all transactions as legitimate could achieve a seemingly high accuracy but fail to catch fraudulent activities.
- Precision and Recall: Precision measures the percentage of predictions made by the model that are correct. Recall, on the other hand, calculates the percentage of relevant data points that were correctly identified by the model. Precision and recall provide a balanced view of the model’s ability to correctly identify positive instances while minimizing false positives and false negatives. Precision and recall are particularly useful in situations involving class imbalance. Going back to the example of financial fraud detection, if reducing false positives (legitimate transactions flagged as fraud) is a critical concern, then focusing on precision might be more important. Instead, if one is more concerned with false negatives (fraudulent transactions flagged as legitimate) then recall is more important..
- F1-Score: The F1-score tells you how precise your classifier is, meaning how many instances it classifies correctly. It also informs you on its robustness by ensuring that your classifier does not miss a significant number of instances. The F1-score is a reliable measure for achieving a balance between precision and recall, making it valuable for scenarios where both are important. Here, think of medical diagnostics for severe diseases. In this situation, misclassifying a healthy patient as sick could lead to unnecessary stress, additional tests, and potentially harmful treatments. A high F1-score indicates that the model correctly identifies actual cases while minimizing the risk of false negatives.
- Receiver Operating Characteristic (ROC) Curve and AUC: The ROC curve is a graphical representation of the trade-off between the true positive rate and the false positive rate as the model’s classification threshold varies. The Area Under the Curve (AUC) quantifies the overall performance of the model, providing a single value to assess its discriminative ability. In the field of medical diagnostics, ROC curves and AUC are used to evaluate the effectiveness of a new diagnostic test. Imagine a scenario where a medical researcher is developing a new blood test to detect a certain disease. By plotting the ROC curve and calculating the AUC, the researcher can determine the test’s ability to correctly identify patients with the disease (true positives) while minimizing false positives. A high AUC value indicates that the test has a strong discriminative ability and is effective at distinguishing between individuals with the disease and those without. This analysis aids medical professionals in deciding whether the new test should be adopted for clinical use based on its diagnostic accuracy.
Factors Influencing Model Performance
Machine learning model performance is dependent on numerous factors, such as:
- Feature Quality and Selection: The essence of predictions lies in features. High-quality and relevant features underpin accuracy. Feature engineering – the art of selecting, transforming, and generating features – is critical for optimized accuracy because the right features enable models to capture meaningful data patterns effectively.
- Data Quality: Data quality is crucial for accurate and reliable predictions/recommendations. The more good data a machine learning model has, the better it will perform. Conversely, missing data or poor quality data will degrade the performance of a model.
- Model Complexity: It refers to the number of features that a model needs to take into account in order to make accurate predictions. Balancing model complexity and simplicity is crucial. While complexity captures intricate relationships, it may lead to overfitting—when models learn training noise rather than underlying patterns. Overfitting impairs generalization to new data, impacting performance.
- Hyperparameter Tuning: Hyperparameters govern how models learn and thus significantly influence their performance. Fine-tuning hyperparameters like learning rate and regularization enhances accuracy and generalization. Hyperparameter tuning seeks the optimal configuration for improved outcomes.
Check the articles under this section to learn more on how to test, debug and improve ML model performance!