model-accuracy

Vocabulary Word

Definition

Model accuracy is a term used to explain how well a model, usually a mathematical one, predicts the correct outcomes. It's like guessing right on a multiple-choice quiz.

Examples in Different Contexts

In machine learning, 'model accuracy' measures how often a model's predictions are correct. A data scientist might say, 'Our latest model achieved 95% accuracy in classifying images, indicating high reliability in its predictions.'

Practice Scenarios

Product

Scenario:

The sales data suggests a potential increase in demand next quarter. We need to examine whether our current production capacity can cater to it.

Response:

Agreed, and improving model accuracy can assist us in making accurate production decisions.

Business

Scenario:

I've analyzed the historical trading data. It shed some light on patterns that might help us predict future trades.

Response:

That's impressive! We should test the model accuracy with real-time trading data to be certain of its predictions.