RMSE

Root mean squared error is an absolute error measure that squares the deviations to keep the positive and negative deviations from canceling one another out. This measure also tends to exaggerate large errors, which can help when comparing methods.

The formula for calculating RMSE:

Formula for calculating root mean squared error (RMSE)

where Yt is the actual value of a point for a given time period t, n is the total number of fitted points, and

Fitted forecast value for the time period t

is the fitted forecast value for the time period t.