Synonym: Average Absolute Relative Error (AARE) = Average Absolute Percentage Error (AAPE)

Statistical metric characterizing the model prediction quality ( goodness of fit ) between the datasets of a given variable $\begin{array}{l}x\end{array}$ and its estimator $\begin{array}{l}\hat x\end{array}$ :

(1)	$\begin{array}{l}\displaystyle {\rm AARE} = \frac{1}{N} \, \sum_{k = 1}^N \left\| \frac{\hat x_k - x_k}{x_k} \right \|\end{array}$

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See also