In Adobe Target, is there a way to have more control over the algorithms like modifying weights that influence an ML model or adjusting certain thresholds like with criteria such as confidence levels or performance metrics?
Not as such. You can only influence it by adding data points it should be taken into account, but not the models itself.
This is a good read on the models used, if you haven't already seen it: https://experienceleague.adobe.com/en/docs/target/using/activities/automated-personalization/automated-personalization
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