What are sensitivity and specificity?

Specificity is the same as true negative rate, or it is equal to 1 – false positive rate. It tells you out of all the actual '0' labels, how many were correctly predicted.

Specificity = \frac{TN}{(TN + FP)}

Sensitivity is the true positive rate. It tells you out of all the actual '1' labels, how many were correctly predicted.

Sensitivity = \frac{TP}{TP + FN}

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