Description: The Mean Absolute Percentage Error (MAPE) is a statistical metric used to evaluate the accuracy of a model’s predictions. It is calculated as the average of the absolute percentage errors between predictions and actual values, allowing for the measurement of the discrepancy between what was predicted and what actually occurred. This metric is particularly useful in contexts where a clear and understandable assessment of model accuracy is required, as it provides a percentage representation that facilitates the interpretation of results. Unlike other metrics, MAPE is not affected by the scale of the data, making it a versatile tool for comparing models across various contexts. Its value is expressed as a percentage, allowing analysts and data scientists to quickly understand the magnitude of the error in relation to actual values. In the realm of model evaluation and performance optimization, MAPE is used to tune models and select those that minimize this error, thereby improving prediction accuracy and model effectiveness in various applications.
