Model performance in machine learning is a measurement of how accurate predictions or classifications a model makes on new, unseen data. You typically measure model performance using a test set, where you compare the predictions on the test set to the actual outcomes. For classification, you can use accuracy as a measure of model performance, but you cannot use accuracy as a measure of model performance for regression problems, where metrics such as mean absolute error and (root) mean squared error are used.
There can be many reasons for poor model performance, but some of the key things you should check for are: