What is a Classification Model?
Classification models are used to predict categories or assign a class label. Any given data is classified into a set of categories or groups to determine its further use or for processing needs.
Data that can be classified into one category or a second category is known as binary data. For example, fraud or not fraud, male or female.
If the set of data can be classified into a number of categories or groups, each based on a different criterion, such data is known as multi-class data. For example, education level, household income.