Research Article
Public Procurement Announcements in Spain: Regulations, Data Analysis, and Award Price Estimator Using Machine Learning
Table 8
European countries’ dataset: errors between award price vs. tender price and award price vs forecast price and their differences.
| | Error | Award price vs. tender price | Award price vs. forecast price | Difference |
| | Median absolute error (MdAE) | €4,514.50 | €20,982.94 | +€16,468.44 | | Median absolute percentage error (MdAPE) | 4.17% | 6.48% | +2.31% | | Mean absolute percentage error (MAPE) | 27.49% | 23.57% | −3.92% | | Normalised root mean square error (NRMSE) | 99,018.04 | 2,816,245.06 | +2,717,227.02 | | Coefficient of determination | 0.9680 | 0.7303 | −0.2377 |
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