Meaning ● Algorithmic Fairness Metrics, within the realm of Small and Medium-sized Businesses (SMBs), represent the quantitative measurements used to evaluate and mitigate bias in automated decision-making systems. These metrics are specifically crucial for SMBs leveraging automation in areas such as hiring, loan approvals, and marketing, ensuring that these processes do not unfairly disadvantage certain groups. Moreover, careful assessment protects against potential legal liabilities, especially as SMBs grow and expand operations using data-driven technologies. Applying appropriate fairness evaluations is vital to maintain stakeholder trust and avoid reputational harm, demonstrating ethical business practices. Furthermore, ignoring these fairness checks can hinder an SMB’s growth potential by excluding or mis-targeting customer segments.
