Mean Absolute Percentage of Error
MAPE is a non-scaled error metric. MAPE is used as a figure of merit to identify whether a data mining method is performing well or not. The lower the MAPE, the better the performance of the data mining method. The mean or average of the absolute percentage errors of forecasts is a measure of accuracy of a method for constructing fitted time series values in statistics, specifically in trend estimation. This measure is easy to understand because it provides the error in terms of percentages.
How well does your data perform when it comes to predicting value?