CVRMSE (Coefficient of Variation of the Root Mean Squared Error)

Information

• CVRMSE (Coefficient of Variation of the Root Mean Square Error) is a measure of the variation of the errors in a regression model, normalized by the mean of the target variable.
• CVRMSE is defined as the ratio of the root mean square error (RMSE) to the mean of the target variable, multiplied by 100% to express it as a percentage:
  • CVRMSE = (RMSE / mean(target)) * 100%
• RMSE measures the average distance between the predicted values and the true values, and thus reflects the accuracy of the model.
• CVRMSE reflects the relative size of the errors in the model, compared to the scale of the target variable.
• CVRMSE is a useful metric when the target variable has a large scale or a wide range of values, as it provides a standardized measure of the model's performance.
• CVRMSE can be used to compare the performance of different regression models or to track the performance of the same model over time.
• A lower CVRMSE indicates a more accurate and reliable model, while a higher CVRMSE indicates a less accurate and more variable model.
• CVRMSE can be used in combination with other metrics, such as R-squared and mean absolute error (MAE), to provide a more comprehensive evaluation of the model's performance.
• CVRMSE can also be used to set a tolerance or a threshold for the acceptable level of error in the model, depending on the application and the cost of the errors.