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The PPV and NPV are not intrinsic to the test (as true positive rate and true negative rate are); they depend also on the prevalence. [2] Both PPV and NPV can be derived using Bayes' theorem . Although sometimes used synonymously, a positive predictive value generally refers to what is established by control groups, while a post-test ...
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.
The net present value (NPV) or net present worth (NPW) [1] is a way of measuring the value of an asset that has cashflow by adding up the present value of all the future cash flows that asset will generate. The present value of a cash flow depends on the interval of time between now and the cash flow because of the Time value of money (which ...
Net present value (NPV) represents the difference between the present value of cash inflows and outflows over a set time period. Knowing how to calculate net present value can be useful when ...
The template for any binary confusion matrix uses the four kinds of results discussed above (true positives, false negatives, false positives, and true negatives) along with the positive and negative classifications.
Likelihood ratios in diagnostic testing. In evidence-based medicine, likelihood ratios are used for assessing the value of performing a diagnostic test. They use the sensitivity and specificity of the test to determine whether a test result usefully changes the probability that a condition (such as a disease state) exists.
A receiver operating characteristic curve, or ROC curve, is a graphical plot that illustrates the performance of a binary classifier model (can be used for multi class classification as well) at varying threshold values. The ROC curve is the plot of the true positive rate (TPR) against the false positive rate (FPR) at each threshold setting.
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.