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Precision (PPV) [Imbalance]

Description

Precision gauges the ratio of correctly identified positive instances to the total instances predicted as positive by the model. It is also referred to as positive predictive value (PPV).

Precision proves valuable in scenarios where the expense associated with false positives is significant.

Formula

Precision is defined as the number of true positives divided by the number of true positives plus the number of false positives.

\[ \text{Precision} = \frac{\text{Relevant retrieved instances}}{\text{All retrieved instances}} \]
  • Relevant retrieved instances: Total correctly identified positive instances
  • All retrieved instances: Total instances predicted as positive