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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.
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Any non-linear differentiable function, (,), of two variables, and , can be expanded as + +. If we take the variance on both sides and use the formula [11] for the variance of a linear combination of variables (+) = + + (,), then we obtain | | + | | +, where is the standard deviation of the function , is the standard deviation of , is the standard deviation of and = is the ...
In contrast to the mean absolute percentage error, SMAPE has both a lower and an upper bound. Indeed, the formula above provides a result between 0% and 200%. Indeed, the formula above provides a result between 0% and 200%.
A percentage change is a way to express a change in a variable. It represents the relative change between the old value and the new one. [6]For example, if a house is worth $100,000 today and the year after its value goes up to $110,000, the percentage change of its value can be expressed as = = %.
Mean absolute percentage error; Mean percentage error; Symmetric mean absolute percentage error; References This page was last edited on 16 February 2025, at 18:40 ...
In fluid dynamics, normalized root mean square deviation (NRMSD), coefficient of variation (CV), and percent RMS are used to quantify the uniformity of flow behavior such as velocity profile, temperature distribution, or gas species concentration. The value is compared to industry standards to optimize the design of flow and thermal equipment ...
For example, if the mean height in a population of 21-year-old men is 1.75 meters, and one randomly chosen man is 1.80 meters tall, then the "error" is 0.05 meters; if the randomly chosen man is 1.70 meters tall, then the "error" is −0.05 meters.