2 months ago
Re-examining Model Evaluation: The CRISP Approach

 The performance of prediction models can be judged using a variety of methods and metrics. Some years ago, I was challenged to arrive at a set of rules that would provide both the analyst and marketer guidance as to how to evaluate results of a predictive modeling exercise. “What?” you ask.  “Just look into a standard textbook, and a whole host of criteria is readily available.”  These provide value to a more quantitative oriented manager, but to the novice marketer, these evaluation tools can be intimidating. After all, a ROC curve, a  Kolmogorov Smirnov test, or a  Root Mean Squared