Synonym: Average Absolute Percentage Error (AAPE) = Average Absolute Relative Error (AARE)
Statistical metric characterizing the model prediction quality ( goodness of fit ) between the datasets of a given variable
x and its estimator
\hat x :
(1) | {\rm AARE} = \frac{100 %}{N} \, \sum_{k = 1}^N \left| \frac{\hat x_k - x_k}{x_k} \right | |
See also
Formal science / Mathematics / Statistics / Statistical Metric