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Forecasting Performance

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Forecasting process improvement begins with process measurement. There are dozens of available forecasting performance metrics. Some, like mean absolute percent error (MAPE), represent error as a percentage. Others, like mean absolute error (MAE), are scale dependent. Relative-error metrics (such as MASE) compare performance versus a benchmark (typically a naïve model). Each metric has its place—a situation where it is suitable to use and informative.

  • SSE - Sum of Squared Errors
  • MSE - Mean Squared Error
  • GMSE – Geometric Mean Squared Error
  • SAE - Sum of Absolute Errors
  • MAE - Mean Absolute Error
  • RMSE - Root Mean Squared Error
  • RMSD - Root Mean Squared Deviations
  • GRMSE – Geometric Root Mean Square Error
  • MAPE - Mean Absolute Percentage Error
  • MdAPE - Median Absolute Percentage Error
  • MAAPE - Mean Arctangent Absolute Percentage Error
  • MRAE – Mean Relative Absolute Error
  • MdRAE - Median Relative Absolute Error
  • GMRAE – Geometric Mean Relative Absolute Error
  • MASE - Mean Absolute Scaled Error
  • PB - Percentage Better
  • MDA - Mean Directional Accuracy
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