Why is F1-score considered a better evaluation technique compared to others?

F1-Score is the harmonic mean of precision and recall. Multiplying the constant of 2 scales the score to 1 when both precision and recall are 1.

Precision works fine when false positive cases are high. On the other hand, recall works fine when false negative cases are high. Since many domain cases such as medical, educational or legal field are delicate where evaluating entities with such measures can cost more risk. In such case, F1-Score performs better as it is the only measure that maintains a balance between precision and recall.

The below formula shows how F1 score works