In terms of evaluating how well a neural network performs in a classification task with the number of classes greater than 2 (for example, classifying an observation into one of the 4 classes), which would be a better measure to use: (i) error-based measures such as the cross entropy loss, or (ii) strict accuracy rate?
And what would be the advantage(s) of one measure over the other?
The previous posts on this topic only discusses about the case of binary classification.
Thank you.
why is accuracy not the best measure for assessing classification models?argues that the error-based measures are better than the accuracy, based on the threshold. In multiclass classification task, I don't think we have a strict threshold for choosing the correct answer since the predicted answer is chosen by taking the class that has the maximum probability among all $m$ classes. So I think that the answer does not strictly apply to my question here. Am I wrong? Please correct me if I am wrong. – HDB Oct 13 '20 at 16:33