Synonym: Average Percentage Error (APE) = Average Relative Error (ARE)

Statistical metric characterizing the model prediction quality ( goodness of fit ) between the datasets of a given variable and its estimator :

{\rm APE} = 100\% \cdot  {\rm max} \left\{ \frac{ \hat x_k - x_k }{ x_k }  \right\}_{k = 1..N}

See also