Which of the following defines MAPE?
A) Median absolute percentage error, a measure of a financial statement's accuracy
B) Median absolute percentage error, a measure of a forecast's accuracy
C) Mean absolute percentage error, a measurement of a forecast's accuracy
D) Mean absolute percentage error, a measure of a financial statement's accuracy

Question

Quizplus · Accepted Answer

MAPE stands for Mean Absolute Percentage Error, which is a common metric used to measure the accuracy of forecasts. It calculates the average of the absolute percentage errors between the forecasted and actual values, providing insight into the accuracy of forecasting models.

Which of the Following Defines MAPE