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General Miscellaneous in General . 1 month ago
In statistics, the mean percentage error (MPE) is the computed average of percentage errors by which forecasts of a model differ from actual values of the quantity being forecast.
The formula for the mean percentage error is:
where at is the actual value of the quantity being forecast, ft is the forecast, and n is the number of different times for which the variable is forecast.
Because actual rather than absolute values of the forecast errors are used in the formula, positive and negative forecast errors can offset each other; as a result the formula can be used as a measure of the bias in the forecasts.
A disadvantage of this measure is that it is undefined whenever a single actual value is zero.
Posted on 21 Nov 2024, this text provides information on General related to Miscellaneous in General. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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