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An explanation serves to make us understand why an artificial intelligence system has made a certain decision or given a certain result.
Imagine that an AI says: ‘In my opinion, this student will perform high in the exam.’
You might ask, "Why high? What led to this conclusion?"
The explanations help to answer this question.
Global explanation: Look at all the IA decisions and try to explain how it thinks in general. (e.g. on average, studying matters more than sleeping, TV has little influence, etc.).
Global explanation example:

Local explanation: show which characteristics weighed most (e.g. studied a lot, slept well, etc.) but for the specific case. E.g. for one student the hours of sleep or study impacted more than for another student and so on.
Local explanation example:

Counterfactual explanation: Shows you what would have changed if certain aspects had been different. For example, a student might score higher if he/she used less social media.
Counterfactual explanation example:
Study hours: 2.2 to 3.5
Netflix hours: 3.5 to 2.0