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In contrast to the mean absolute percentage error, SMAPE has both a lower 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%.
It is a variant of MAPE in which the mean absolute percent errors is treated as a weighted arithmetic mean. Most commonly the absolute percent errors are weighted by the actuals (e.g. in case of sales forecasting, errors are weighted by sales volume). [3] Effectively, this overcomes the 'infinite error' issue. [4]
In most indicating instruments, the accuracy is guaranteed to a certain percentage of full-scale reading. The limits of these deviations from the specified values are known as limiting errors or guarantee errors. [6]
Accuracy is sometimes also viewed as a micro metric, to underline that it tends to be greatly affected by the particular class prevalence in a dataset and the classifier's biases. [14] Furthermore, it is also called top-1 accuracy to distinguish it from top-5 accuracy, common in convolutional neural network evaluation. To evaluate top-5 ...
In statistics, the 68–95–99.7 rule, also known as the empirical rule, and sometimes abbreviated 3sr, is a shorthand used to remember the percentage of values that lie within an interval estimate in a normal distribution: approximately 68%, 95%, and 99.7% of the values lie within one, two, and three standard deviations of the mean, respectively.
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.
The RMSD serves to aggregate the magnitudes of the errors in predictions for various data points into a single measure of predictive power. RMSD is a measure of accuracy, to compare forecasting errors of different models for a particular dataset and not between datasets, as it is scale-dependent. [1]
Here, the hypotheses are "Ho: p ≤ 0.9 vs. Ha: p > 0.9", rejecting Ho for large values of z. One diagnostic rule could be compared to another if the other's accuracy is known and substituted for p0 in calculating the z statistic.