Stop 11 · Time Series AnalysisTopics · 7/7
Forecasting Evaluation Metrics
Part of the Data Science Roadmap
In short
Metrics specific to forecasting quality — MAPE (mean absolute percentage error) is intuitive but breaks down near zero values, RMSE and MAE from Phase 7 also apply directly to forecasting.
How to learn this
- 1Calculate MAPE, MAE, and RMSE for a forecast and compare what each emphasizes.
- 2Learn why MAPE becomes unstable or undefined when actual values are near zero.
- 3Practice presenting a forecast's expected error range, not just a single predicted number.
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