By: Sam Koslowsky, Senior Analytic Consultant, Harte Hanks
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
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