How Accurate is Your Model?

Analytics, Models
[caption id="attachment_1308" align="alignright" width="401"][/caption] Since we deal with predictive models, one common question we get is "how accurate is your model"? First of all, I need to say that we LOVE to get that question. It signifies that the institution has some level of buy in -- that they aren't just taking our expertise on faith. Unlike the quality of brake pads, we don't want you to take our word for it. When responding to this question, though, there's a bit of a conundrum. On one hand, I want to give an answer. I hate evasive responses to questions, so I want to make sure I give a clear, concise response. On the other hand, there is a lot of nuance in the response. It depends on what the…
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