Weighted Mean Absolute Percentage Error (WMAPE)

Weighted Mean Absolute Percentage Error (WMAPE) is used to calculate forecast accuracy, particularly when some data points are more relevant than others. It calculates the average of the absolute percentage errors, with each error weighted by the actual value of the corresponding observation. This metric gives a more meaningful accuracy measure by considering the importance of different data points, which is helpful in situations where certain predictions are more significant.

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