- You are asked to choose one of the following two methods to measure the classification performance of your model: i) 1

[answerhappygod]

- You are asked to choose one of the following two methods to
measure the classification performance of your model: i) 10-fold
cross validation or ii) split the data into 70%-30% for model
training-testing and repeat it 10 times. Write the number of frauds
that you will use to test model performance in each of the two
methods and argue which one is more appropriate.
- You are not satisfied with the classification performance of
your model and take some steps back to understand how can you
improve it. By looking at basic descriptive statistics of the data,
you notice that features have different order of magnitude, i.e.
some are in tens while others are in millions. Mention one method
to deal with such a problem.
-The classification performance of your model is still poor
after all you have done. Mention what is the biggest challenge in
the context of fraud detection and mention some solutions to
attempt to solve such a problem.