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Actual Class (from validation data) Estimated Probability of Record Belonging to Class “fraud" 0.95 fraud fraud 0.91 fraud 0.75 non-fraud 0.67 fraud 0.61 non-fraud 0.46 fraud 0.42 non-fraud 0.25 non-fraud 0.09 non-fraud 0.04 Based on the above information, answer the following three questions: Question 3.1 What is the overall accuracy of your model, if the chosen probability threshold value is 0.5? Question 3.2 ). What probability threshold value should you choose, in order to have Precisionfraud = 100% for your model? (Explain.) What is the overall accuracy of your model in this case? Question 3.3 What probability threshold value should you choose, in order to have Recalltraud = 100% for your model? (Explain.) What is the overall accuracy of your model in this case? Note that for Questions 3.2 and 3.3, if you think there are multiple possible thresholds, you only need to pick and report one.

Actual Class (from validation data) Estimated Probability of Record Belonging to Class “fraud" 0.95 fraud fraud 0.91 fraud 0.75 non-fraud 0.67 fraud 0.61 non-fraud 0.46 fraud 0.42 non-fraud 0.25 non-fraud 0.09 non-fraud 0.04 Based on the above information, answer the following three questions: Question 3.1 What is the overall accuracy of your model, if the chosen probability threshold value is 0.5? Question 3.2 ). What probability threshold value should you choose, in order to have Precisionfraud = 100% for your model? (Explain.) What is the overall accuracy of your model in this case? Question 3.3 What probability threshold value should you choose, in order to have Recalltraud = 100% for your model? (Explain.) What is the overall accuracy of your model in this case? Note that for Questions 3.2 and 3.3, if you think there are multiple possible thresholds, you only need to pick and report one.

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Actual Class (from validation data) Estimated Probability of Record Belonging to Class “fraud" 0.95 fraud fraud 0.91 fraud 0.75 non-fraud 0.67 fraud 0.61 non-fraud 0.46 fraud 0.42 non-fraud 0.25 non-fraud 0.09 non-fraud 0.04 Based on the above information, answer the following three questions: Question 3.1 What is the overall accuracy of your model, if the chosen probability threshold value is 0.5? Question 3.2 ). What probability threshold value should you choose, in order to have Precisionfraud = 100% for your model? (Explain.) What is the overall accuracy of your model in this case? Question 3.3 What probability threshold value should you choose, in order to have Recalltraud = 100% for your model? (Explain.) What is the overall accuracy of your model in this case? Note that for Questions 3.2 and 3.3, if you think there are multiple possible thresholds, you only need to pick and report one.
Transcribed Image Text:Actual Class (from validation data) Estimated Probability of Record Belonging to Class “fraud" 0.95 fraud fraud 0.91 fraud 0.75 non-fraud 0.67 fraud 0.61 non-fraud 0.46 fraud 0.42 non-fraud 0.25 non-fraud 0.09 non-fraud 0.04 Based on the above information, answer the following three questions: Question 3.1 What is the overall accuracy of your model, if the chosen probability threshold value is 0.5? Question 3.2 ). What probability threshold value should you choose, in order to have Precisionfraud = 100% for your model? (Explain.) What is the overall accuracy of your model in this case? Question 3.3 What probability threshold value should you choose, in order to have Recalltraud = 100% for your model? (Explain.) What is the overall accuracy of your model in this case? Note that for Questions 3.2 and 3.3, if you think there are multiple possible thresholds, you only need to pick and report one.
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