Mean Absolute Percent Error (MAPE) Definition and Explanation PDF | Download eBooks
Learn Mean Absolute Percent Error (MAPE) definition in supply chain management with explanation to study “What is Mean Absolute Percent Error (MAPE)”. Study mean absolute percent error (mape) explanation with SCM terms to review supply chain management course for online MBA programs.
Mean Absolute Percent Error (MAPE) Definition:
Average of the absolute differences between the forecast and actual values, expressed as a percent of actual values.
Operations Management: Sustainability and Supply Chain Management by Jay Heizer, Barry Render, Chuck Munson
Mean Absolute Percent Error (MAPE) Explanation:
Organizations use this to measure the predicted accuracy of a forecasting technique in statistics such as in trend estimation and use as loss function. This mostly expresses the accuracy in terms of percentage and explained by the formula in which the actual value is subtracted from forecasted and then divided by the actual.
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