what is the difference between True Positive, True Negative, False Positive – Type 1 Error and False Negative – Type 2 Error?

Type I error is committed when the null hypothesis is true and we reject it, also known as a ‘False Positive’. Type II error is committed when the null hypothesis is false and we accept it, also known as ‘False Negative’.

 

In the context of confusion matrix, we can say Type I error occurs when we classify a value as positive (1) when it is actually negative (0). Type II error occurs when we classify a value as negative (0) when it is actually positive(1)