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Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.
Performance indicators differ from business drivers and aims (or goals). A school might consider the failure rate of its students as a key performance indicator which might help the school understand its position in the educational community, whereas a business might consider the percentage of income from returning customers as a potential KPI.
In pattern recognition, information retrieval, object detection and classification (machine learning), precision and recall are performance metrics that apply to data retrieved from a collection, corpus or sample space. Precision (also called positive predictive value) is the fraction of relevant instances among the retrieved instances. Written ...
Transaction Processing Performance Council Benchmark specifications partially address this concern by specifying that a price/performance metric must be reported in addition to a raw performance metric, using a simplified TCO formula. However, the costs are necessarily only partial, and vendors have been known to price specifically (and only ...
Performance Reference Model of the Federal Enterprise Architecture, 2005. [6] Defining performance measures or methods by which they can be chosen is also a popular activity for academics—for example a list of railway infrastructure indicators is offered by Stenström et al., [7] a novel method for measure selection is proposed by Mendibil et ...
P 4 metric [1] [2] (also known as FS or Symmetric F [3]) enables performance evaluation of the binary classifier. It is calculated from precision, recall, specificity and NPV (negative predictive value). P 4 is designed in similar way to F 1 metric, however addressing the criticisms leveled against F 1. It may be perceived as its extension.
According to Davide Chicco and Giuseppe Jurman, the most informative metric to evaluate a confusion matrix is the Matthews correlation coefficient (MCC). [ 11 ] Other metrics can be included in a confusion matrix, each of them having their significance and use.
The metrics reference model (MRM) is the reference model created by the Consortium for Advanced Management-International (CAM-I) to be a single reference library of performance metrics. This library is useful for accelerating to development of and improving the content of any organization's business intelligence solution.