Simply so, what is the purpose of loss function?
At its core, a loss function is incredibly simple: it's a method of evaluating how well your algorithm models your dataset. If your predictions are totally off, your loss function will output a higher number. If they're pretty good, it'll output a lower number.
Secondly, what is a loss function in statistics? In statistics, decision theory and economics, a loss function is a function that maps an event onto a real number representing the economic cost or regret associated with the event.
Simply so, what is loss function in machine learning?
It's a method of evaluating how well specific algorithm models the given data. If predictions deviates too much from actual results, loss function would cough up a very large number. Gradually, with the help of some optimization function, loss function learns to reduce the error in prediction.
What is loss function in regression?
A loss function is a measure of how good a prediction model does in terms of being able to predict the expected outcome. A most commonly used method of finding the minimum point of function is “gradient descent”. Loss functions can be broadly categorized into 2 types: Classification and Regression Loss.
