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.

Error	Value	Difference with respect to Tender_Price
Absolute percentage error (APE)	See Figure 8	See 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	—