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Accuracy measures: theoretical and practical concerns

Author: Makridakis, Spyros INSEAD Area: Technology and Operations Management Series: Working Paper ; 93/53/TM Publisher: Fontainebleau : INSEAD, 1993.Language: EnglishDescription: 6 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: There has been renewed concern recently (Armstrong and Collopy, 1992 ; Fildes, 1992) about the most appropriate accuracy measure to be used in evaluating methods, and in reporting error statistics. The purpose of this editorial is to examine accuracy measures from a theoretical and practical point of view and suggest a modified form of MAPE as the most appropriate measure satisfying both theoretical and practical concerns while allowing meaningful relative comparisons
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There has been renewed concern recently (Armstrong and Collopy, 1992 ; Fildes, 1992) about the most appropriate accuracy measure to be used in evaluating methods, and in reporting error statistics. The purpose of this editorial is to examine accuracy measures from a theoretical and practical point of view and suggest a modified form of MAPE as the most appropriate measure satisfying both theoretical and practical concerns while allowing meaningful relative comparisons

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