Accuracy Statistics
The accuracy is defined as how well observed and forecast values are matched. The accuracy statistics are really measures of forecast error and therefore we could call it error statistics.
|
Measures |
Range |
Optimal |
Forecast Type |
Mean Absolute Error (MAE) |
0 to ∞ |
0 |
Deterministic |
Root Mean Squared Error (RMSE) |
0 to ∞ |
0 |
Deterministic |
Mean Error (ME) |
- ∞ to ∞ |
0 |
Deterministic |
Volumetric bias |
0 to ∞ |
1 |
Deterministic |
Continuous RPS |
0 to 1 |
0 |
Probabilistic |