Algorithm

Precision Score

Description

Precision, or Positive Predictive Value, measures the proportion of positive identifications that were actually correct. It answers the question: 'Of all the classes we predicted as positive, how many were actually positive?' High precision relates to the low false positive rate.

$$ \text{Precision} = \frac{TP}{TP + FP} $$

Use Cases

Fraud Detection (Minimize False Positives)