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MAPE Meaning

The MAPE meaning is "Mean Absolute Percentage Errors". The MAPE abbreviation has 3 different full form.

MAPE Full Forms

  1. Mean Absolute Percentage Errors Aviation, Governmental & Military
  2. Microwave, Antenna, Propagation and EMC Technologies Technology, Conference, Event, Engineering, International, Governmental & Military, Scientific & Educational
  3. Mean Absolute Percentage Error Mean Absolute Percentage Error (MAPE) is a statistical measure used to calculate the average percentage difference between actual and predicted values, and it is sometimes referred to as mean bias percentage. MAPE is calculated as: MAPE = (1/n) * Σ(|(Actual Value - Predicted Value)/Actual Value|) * 100% where n is the number of observations. MAPE provides an indication of the magnitude of the forecasting error in terms of the percentage of the actual value. A lower MAPE value indicates better forecasting accuracy. Bias, on the other hand, refers to the systematic difference between the average of the forecasted values and the actual values. A forecast model that is biased tends to consistently overestimate or underestimate the actual values. A measure of bias can be calculated as the difference between the average forecasted value and the average actual value. Management, Education, Business & Finance, Scientific & Educational

Frequently Asked Questions (FAQ)

  1. What does MAPE stand for?

    MAPE stands for Mean Absolute Percentage Errors.

  2. What is the shortened form of Mean Absolute Percentage Error?

    The short form of "Mean Absolute Percentage Error" is MAPE.

Citation

MAPE. Acronym24.com. (2023, February 20). Retrieved April 25, 2024 from https://acronym24.com/mape-meaning/

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