What is lift metric in classification problems to select the best model in ML

This recipe explains what is lift metric in classification problems to select the best model in ML

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Recipe Objective.

What is lift metric in classification problems to select the best model.

Lift or Gain charts are the evaluation of a classification model calculated by taking the ratio between the results obtained with the model and without the model. Lift charts are mainly used to evaluate the performance of classification problems visually.

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The lift chart tells us how much more likely we are to receive positive responses than if we contact a random sample of customers. It tells us the edge we earned over the conventional methods we got by using technology. For example, by contacting only 5% of customers based on the predictive model we will reach 4 times as many respondents as if we use no model.

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