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I'm trying to understand swap set analysis and the way results from such an analysis are presented. This analysis is a way to compare two models to determine which one is better. The results are typically presented in a table like this:

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Source: Experian

I've found two explanations (see below) of this type of analysis validation method, but neither is very clear (to me, anyway). Neither explanation explains the table in detail or provides clear examples.

Can anyone explain and, if possible, provide links to sources that explain this well?

Source 1: Experian

Source 2: CGI

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Let me explain the two cells with same value i.e. 5000.

  • Cell(1,2) means selecting 5000 applications from what's approved in the old model, and rejecting them in the new model;
  • Cell(2,1) means selecting 5000 applications from what's rejected in the old model and approving them in the new mode;

So the approving rate is consistent between the old and the new model.

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