Calculating The Business Value Of A Data Science Project

Calculating The Business Value Of A Data Science Project

Expensive experience: alculating the business value of a data science project

Performance metrics can’t tell you what you want to know: how valuable a project actually is

There is a big focus in data science on various performance metrics. Data scientists will spend months trying to improve various performance metrics for a project. The issue is, it isn’t clear that all of this effort actually provides value. If you’re only looking at performance metrics, it’s not possible to know if you’re increasing the value your model is providing.

Performance metrics don’t know how valuable your predictions are. To take one example, F1 score explicitly places equal weighting on precision and recall. In practice, there is usually a different business cost to false positives and false negatives.

You can tell you how well your model is doing using a million different metrics. But none of these tell you what stakeholders actually want to know: What business value does this have?

technology business editors-pick machine-learning

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