Complexity / 2019 / Article / Tab 6

Research Article

Public Procurement Announcements in Spain: Regulations, Data Analysis, and Award Price Estimator Using Machine Learning

Table 6

Error metrics between award price and forecast price.

ErrorValueDifference with respect to Tender_Price

Absolute percentage error (APE)See Figure 8See Figure 8
Median absolute error (MdAE)€7,575.45+€620.45
Median absolute percentage error (MdAPE)9.26%−2.58%
Mean absolute error (MAE)€67,241.34+€70,537.3
Mean absolute percentage error (MAPE)28.60%−11.19%
Root mean square error (RMSE)364,901,707,583−101,086,707,913,131
Coefficient of determination 0.92