Log Loss measures the performance of a classification model where the prediction input is a probability value between 0 and 1. The goal of our machine learning models is to minimize this value. A perfect model would have a log loss of 0. Log loss increases as the predicted probability diverge from the actual label. So predicting a probability of .012 when the actual observation label is 1 would be bad and result in a high log loss. Log Loss takes into account the uncertainty of your prediction based on how much it varies from the actual label. This gives us a more nuanced view into the performance of our model.

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If you want to look for more information, check some free online courses available at coursera.org, edx.org or udemy.com.

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