How can I measure the accuracy of my forecasts?
An example of an AI chatbot conversation about measuring forecasting accuracy.
How can I measure the accuracy of my forecasts?
You can measure forecasting accuracy using metrics like Mean Absolute Error (MAE), Mean Squared Error (MSE), or Mean Absolute Percentage Error (MAPE). Which one are you interested in?
What's the difference between MAE and MAPE?
MAE measures the average magnitude of errors in a set of forecasts, while MAPE expresses accuracy as a percentage, making it easier to interpret across different scales.
Can you give me an example of how to calculate MAPE?
Sure! MAPE is calculated as the average of the absolute percentage errors. The formula is: MAPE = (1/n) * Σ(|(Actual - Forecast)| / Actual) * 100. Would you like to see a specific example?
Yes, please provide a specific example.
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