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Machine Learning: Balancing model performance with business goals

This post is designed to give some guidance for evaluating the use of machine learning to solve your business problem. As a data scientist, I am highly motivated to find the "best" model -- how close to perfect can I get my predictions to be? However, more often than not, the incremental gain I'm straining for is not necessary. The success criteria I prioritize isn't always the same quantifier the business is optimizing for. For example, if I tell you a client of mine implemented a model with 64.2% accuracy you might be appalled.