SAS Forecasting/ Modeling

[deleted_user]

Hi,
May i know the detailed concept of Accuracy in forecasting?. And how is it used?.
Thanks,
Russ

[deleted_user]

Sir,
May i know Why is the MAPE is best?.
Thanks,
Rus

[udo_sas]

Hi Russ,
Best to my knowledge it might be fair to state that MAPE is the most popular forecasting statistic. This does not imply that it is the best one to use. In fact there are many know limitations to MAPE - for example if the actual values are 0.

May I refer you to "Another look at measures of forecast accuracy" by Rob J. Hyndman andAnne B. Koehler for a detailed discussed and comparison of different forecasting accuracy statistics.
The paper can be accessed at: http://www.robjhyndman.com/index.php?option=com_content&task=view&id=280&Itemid=69

Regards,
Udo