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The positive predictive value (PPV), or precision, is defined as = + = where a "true positive" is the event that the test makes a positive prediction, and the subject has a positive result under the gold standard, and a "false positive" is the event that the test makes a positive prediction, and the subject has a negative result under the gold standard.
In a classification task, the precision for a class is the number of true positives (i.e. the number of items correctly labelled as belonging to the positive class) divided by the total number of elements labelled as belonging to the positive class (i.e. the sum of true positives and false positives, which are items incorrectly labelled as belonging to the class).
In information retrieval, the positive predictive value is called precision, and sensitivity is called recall. Unlike the Specificity vs Sensitivity tradeoff, these measures are both independent of the number of true negatives, which is generally unknown and much larger than the actual numbers of relevant and retrieved documents.
° Judgemental - in which a human judgement is made about the relative importance of the two kinds of error; typically this starts by adopting a pair of indicators such as sensitivity and specificity, precision and recall or positive predictive value and negative predictive value.
A classifier satisfies this definition if the subjects in the protected and unprotected groups have equal PPV and equal NPV, satisfying the formula: (= | =, =) = (= | =, =) {+,}, Overall accuracy equality. A classifier satisfies this definition if the subject in the protected and unprotected groups have equal prediction accuracy, that is, the ...
The individual's pre-test probability was more than twice the one of the population sample, although the individual's post-test probability was less than twice the one of the population sample (which is estimated by the positive predictive value of the test of 10%), opposite to what would result by a less accurate method of simply multiplying ...
The Young Bucks vs. the Blackpool Combat Club. Imagine not liking the Young Bucks. The Young Bucks might not be in the best title reign of their career, or even the top five title reigns of their ...
PPV is best understood by comparison to two other approaches where a penalty is applied for risk: The risk-adjusted rate of return applies a risk-penalty by increasing the discount rate when calculating the Net Present Value (NPV); The certainty equivalent approach does this by adjusting the cash-flow numerators of the NPV formula.