The chart below is a summary of the main results of a test data set representing the population observed purchasing a virtual digital assistant. What does the accuracy rate indicate?MetricsMetricValueAccuracy (#correct)178Accuracy (%correct)85.6Specificity0.88219Sensitivity (Recall)0.6Precision0.82400F1 Score0.88213Success Class1Success Probability0.4 Multiple Choice85.6% of the population has purchased a virtual assistant.60% of the observations are correctly classified.85.6% of the observations are correctly classified.14.4% of the observations are correctly classified. Explain all the incorrect answers also

Answered: What does the accuracy rate indicate?

Business

Operations Management

What does the accuracy rate indicate?

MARKETING 2018

19th Edition

ISBN:9780357033753

Author:Pride

Publisher:Pride

Chapter11: Product Concepts, Branding, And Packaging

Section11.1: Gaga: Not Just A Lady

Problem 1VC

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Concept explainers

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

Question

The chart below is a summary of the main results of a test data set representing the population observed purchasing a virtual digital assistant. What does the accuracy rate indicate?

Metrics
Metric	Value
Accuracy (#correct)	178
Accuracy (%correct)	85.6
Specificity	0.88219
Sensitivity (Recall)	0.6
Precision	0.82400
F1 Score	0.88213
Success Class	1
Success Probability	0.4

Multiple Choice

85.6% of the population has purchased a virtual assistant.
60% of the observations are correctly classified.
85.6% of the observations are correctly classified.
14.4% of the observations are correctly classified.

Explain all the incorrect answers also

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