MAPE (Mean Absolute Percentage Error)

Mean Absolute Percentage Error (MAPE) is a metric that measures how accurate a forecast or prediction is, expressed as a percentage. It calculates the average of the absolute differences between the actual values and the predicted values, relative to the actual values. Essentially, it shows how close the predictions are to real outcomes on average, in percentage terms. A lower MAPE indicates more accurate predictions, while a higher MAPE suggests less accuracy. This helps evaluate and compare the performance of different forecasting models in a clear, understandable way.