MAPE - Mean Absolute Percentage Error
The Mean Absolute Percentage Error (MAPE) [7] is a statistical measure of the accuracy of a forecasting model, commonly used in business and economics. The MAPE measures the average percentage difference between the forecasted and actual values, with a lower MAPE indicating better forecast accuracy.
The MAPE is expressed as a percentage, and a commonly used benchmark for a good forecast model is a MAPE of less than 20%. However, the benchmark may vary depending on the specific application and industry. The MAPE has a range of [0, +infinity), with a best possible score of 0.0, indicating perfect forecast accuracy. A larger MAPE indicates a larger average percentage difference between the forecasted and actual values, with infinite MAPE indicating a complete failure of the forecasting model. + Link equation
Example to use MAPE metric:
from numpy import array
from permetrics.regression import RegressionMetric
## For 1-D array
y_true = array([3, -0.5, 2, 7])
y_pred = array([2.5, 0.0, 2, 8])
evaluator = RegressionMetric(y_true, y_pred)
print(evaluator.mean_absolute_percentage_error())
## For > 1-D array
y_true = array([[0.5, 1], [-1, 1], [7, -6]])
y_pred = array([[0, 2], [-1, 2], [8, -5]])
evaluator = RegressionMetric(y_true, y_pred)
print(evaluator.MAPE(multi_output="raw_values"))