NRMSE (Normalized Root Mean Squared Error)

Information

• NRMSE (Normalized Root Mean Squared Error) is a measure of the accuracy of a regression model, representing the ratio of the root mean squared error to the range of the dependent variable.
• It is used to compare the performance of different models or to evaluate the accuracy of a model over time.
• The formula for NRMSE is: NRMSE = RMSE / (y_max - y_min), where RMSE is the root mean squared error, and y_max and y_min are the maximum and minimum values of the dependent variable, respectively.
• NRMSE values range from 0 to 1, with lower values indicating better model accuracy.
• NRMSE can be used to determine the relative performance of different models or to evaluate the performance of a single model over time by comparing its NRMSE values across different time periods.