eli5: What is the purpose of the cutoff in statistics?

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What do I get from choosing a cutoff point and calculating the confusion matrix? What is the difference really when I choose a cutoff value of 0.05 as opposed to say 0.8?

In: Mathematics

For diagnostic or screening tests that have continuous results (measured on a scale), cut-off values are the dividing points on measuring scales where the test results are divided into different categories; typically positive (indicating someone has the condition of interest), or negative (indicating someone does not have the condition of interest).