Complexity / 2019 / Article / Tab 8

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.

ErrorAward price vs. tender priceAward price vs. forecast priceDifference

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)99,018.042,816,245.06+2,717,227.02
Coefficient of determination 0.96800.7303−0.2377