What Criteria Do You Use to Determine the Best Model?

The standard criterion for determining which Prediction Model (for which the dependent variable is continuous) among the final set of candidate models is MSE (mean squared error).

The standard criterion for determining which Classification Model (for which the dependent variable is categorical, typically binary) among the final set of candidate models is the Classification Table (aka the confusion matrix).

What Criteria Do You Use to Determine the Best Model?

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