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In contrast to the mean absolute percentage error, SMAPE has both a lower bound 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%.
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.
Propagation of uncertainty. In statistics, propagation of uncertainty (or propagation of error) is the effect of variables ' uncertainties (or errors, more specifically random errors) on the uncertainty of a function based on them. When the variables are the values of experimental measurements they have uncertainties due to measurement ...
Average absolute deviation. The average absolute deviation (AAD) of a data set is the average of the absolute deviations from a central point. It is a summary statistic of statistical dispersion or variability. In the general form, the central point can be a mean, median, mode, or the result of any other measure of central tendency or any ...
In probability theory and statistics, the coefficient of variation (CV), also known as normalized root-mean-square deviation (NRMSD), percent RMS, and relative standard deviation (RSD), is a standardized measure of dispersion of a probability distribution or frequency distribution. It is defined as the ratio of the standard deviation to the ...