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What is Precision? Mention its formula.

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Precision is defined as the percentage of true positive cases versus all the cases where the prediction is true.

Precision = \(\cfrac{True\,Positives}{All\,Predicted\, Positives}\) x 100%

That is, it takes into account the True Positives and False Positives.

Precision = \(\cfrac{TP}{TP + FP}\) x 100%