Define the terms KPI, lift, model fitting, robustness and DOE.

1.	Define the terms KPI, lift, model fitting, robustness and DOE.
Answer» KPI: KPI stands for Key Performance Indicator that measures how well the business achieves its objectives. Lift: This is a performance measure of the target MODEL MEASURED against a random choice model. Lift indicates how good the model is at prediction versus if there was no model. Model fitting: This indicates how well the model under consideration fits GIVEN observations. Robustness: This represents the system’s capability to handle differences and variances effectively. DOE: stands for the design of EXPERIMENTS, which represents the task design aiming to describe and explain information variation under hypothesized conditions to reflect VARIABLES.

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