Explain the role of the F1 score in evaluating the performance of a binary classification model. Provide a detailed explanation of its formula, including how it combines precision and recall, and discuss the scenarios where the F1 score is particularly useful.

Simulated

The F1 score is used exclusively for regression models to balance the impact of outliers.

3.7%

The F1 score is a weighted average of precision and recall, providing a single metric that balances both false positives and false negatives.

96.3%

The F1 score is identical to accuracy and can be used interchangeably in all classification problems.

0.0%

The F1 score is only applicable when the dataset is perfectly balanced.

0.0%

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