It depicts the tradeoff between the true positive rate (good performance) and the false positive rate (bad performance) across different classification thresholds.
The idea is to balance TPR (good performance) vs. FPR (bad performance).
4) Precision-Recall Curve:
It depicts the tradeoff between Precision and Recall across different classification thresholds.
5) QQ Plot:
It assesses the distributional similarity between observed data and theoretical distribution.
It plots the quantiles of the two distributions against each other.
Deviations from the straight line indicate a departure from the assumed distribution.
6) Cumulative Explained Variance Plot:
It is useful in determining the number of dimensions we can reduce our data to while preserving max variance during PCA.
Conformal prediction has gained quite traction in recent years, which is evident from the Google trends results:
The reason is quite obvious.
ML models are becoming increasingly democratized lately. However, not everyone can inspect its predictions, like doctors or financial professionals.
Thus, it is the responsibility of the ML team to provide a handy (and layman-oriented) way to communicate the risk with the prediction.
For instance, if you are a doctor and you get this MRI, an output from the model that suggests that the person is normal and doesn’t need any treatment is likely pretty useless to you.
This is because a doctor's job is to do a differential diagnosis. Thus, what they really care about is knowing if there's a 10% percent chance that that person has cancer or 80%, based on that MRI.