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Signals and noise. Tackling forecast bias: Part 1.

The average level of MAPE for your forecast is 25%.

So what?

Is it good or bad? Difficult to say.

If it is bad, what should you do? Improve…obviously. But how? 

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Why MAPE doesn't work

When practitioners are asked what forecast accuracy they use the usual response is ‘MAPE’, which is short for Mean Absolute Percentage Error.  

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