To evaluate which of a set of curves fits the data best,we can use: A) APE B) MAPE C) R² D) NPV

Question

Quizplus · Accepted Answer

MAPE (Mean Absolute Percentage Error) is a commonly used metric for evaluating the accuracy of a model or curve fit. It measures the average absolute percentage difference between the predicted values and the actual values, and is helpful for comparing models or curve fits with different scales of data. A lower MAPE indicates a better fit. APE (Absolute Percentage Error) is a similar metric, but does not take the average, so it can be more sensitive to outliers. R² and NPV are not applicable for evaluating curve fits.

To Evaluate Which of a Set of Curves Fits the Data