2How is accuracy measured and how is the accuracy related to past data?Accuracy is a measure of correct predictions divided by the total number of events. For example,If one were to correctly predict 855 out of 900 outcomes, their accuracy would be 850/900=0.95or 95%. The measurement of accuracy, or any performance indicator for that matter, requiresknowledge of all past events and prediction outcomes.Do you think the data source 2012 U.S. Pet Ownership & Demographics Sourcebook from theAmerican Veterinary Medical Association used in this podcast is accurate to begin with? Whatdo you think may be missing from the data set?Generally, yes. The data is based on a survey of 50,000 homes which is a substantial sampleconsidering there are an estimated 1.24 million households in the United States (Statista, 2015).This size sample gives a high confidence level in the overall accuracy, particularly the simplequestions like the type of pet owned. More complex questions, such as veterinary expenditures
