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Understanding Forecast Errors and MAPE by Orxan Semedov is a document available to read on EtoBox.
What is Understanding Forecast Errors and MAPE about?
This document discusses various methods for calculating forecast errors and evaluating the accuracy of forecasts. It defines a forecast error as the difference between the actual and predicted values. It also discusses calculating the mean absolute percentage error (MAPE) to measure forecast accuracy as a percentage. Finally, it provides an example of a major forecasting error from 1987, when a BBC forecaster dismissed concerns about an impending powerful storm that ultimately caused significant damage.
- Author
- Orxan Semedov
- Language
- EN