classification performance of your model: i) 10-fold cross validation or ii) split the data into 70%-30% for model training-testing and repeat it 10 times. Write the number of frauds that you will use to test model performance in each of the two methods and argue which one is more appropriate. - You are not satisfied with the classification performance of your model and take some steps back to understand how can you improve it. By looking at basic descriptive statistics of the data, you notice that features have different order of magnitude, i.e. some are in tens while others are in millions. Mention one method to deal with such a problem. -The classification performance of your model is still poor after all you have done. Mention what is the biggest challenge in the context of fraud detection and mention some solutions to attempt to solve such a problem.
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- You are asked to choose one of the following two methods to measure the classification performance of your model: i) 10-fold cross validation or ii) split the data into 70%-30% for model training-testing and repeat it 10 times. Write the number of frauds that you will use to test model performance in each of the two methods and argue which one is more appropriate.
- You are not satisfied with the classification performance of your model and take some steps back to understand how can you improve it. By looking at basic descriptive statistics of the data, you notice that features have different order of magnitude, i.e. some are in tens while others are in millions. Mention one method to deal with such a problem.
-The classification performance of your model is still poor after all you have done. Mention what is the biggest challenge in the context of fraud detection and mention some solutions to attempt to solve such a problem.
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