What is mean absolute error - Definition and Meaning

Mean Absolute Error :

Mean Absolute Error is the quantity which helps to measure how close forecasts or predictions are at the final outcomes.
This can be given as |ei| = |fi - yi|
fi -prediction, yi - true value
It is called as scale-dependent accuracy measure, where you cannot use different scales to compare between the series. It is used generally for the measure of forecast error in time series analysis.

Formula :

Mean Absolute Error formula
Macaulay Duration Marla

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