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NannyML / The-Little-Book-of-ML-Metrics

The book every data scientist needs on their desk.
https://www.nannyml.com/metrics
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Mean Forecast Error #113

Open pratikwatwani opened 1 week ago

pratikwatwani commented 1 week ago

Metric's name Mean Forecast Error

Metric's category Time Series

Metrics formula

Screenshot 2024-10-26 at 4 06 14 PM

Describe the metrics use cases, and any relevant references. MFE measures the average difference between predicted and actual values. It captures whether the model systematically over-predicts or under-predicts.

Additional context FYI, MFE is different ni the sense that it specifically measures the bias in forecasts, rather than the overall accuracy or precision.

santiviquez commented 1 week ago

Good suggestion. We missed that one.

Would you like to take the lead on this one?

pratikwatwani commented 6 days ago

Yes, Of course!