What Is Accuracy In Machine Learning?
Accuracy is the measure of the number of correct predictions made by the model. It is derived by calculating the percentage of correct predictions out of overall predictions. accuracy = correct predictions / all predictions
There are 100 credit card transactions; 90 transactions are legitimate and 10 transactions are fraudulent. If your model predicts that 95 transactions are legitimate and 5 transactions are fraudulent, its accuracy is:
95% = (90 correct legitimate + 5 correct fraudulent) / 100 transactions