MAPE has various meanings in the Scientific & Educational category. Discover the full forms, definitions, and usage contexts of MAPE in Scientific & Educational.
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.
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