What is Machine Learning Model Performance?

The performance of a machine learning model indicates its usability and ability to provide accurate results. Performance is usually measured in terms of metrics that apply to the specific type of machine model concerned. Here are some common metrics used according to the type of machine model:
Regression based machine learning models – MSPE, MSAE, R Squared and Adjusted R Squared
Classification – Precisions-Recall, ROC-AUC, Accuracy, log-loss
Unsupervised models – Rand index, Mutual information