What is error standard deviation in SAP BI-RA-PA - SAP Predictive Analytics?

SAP Term: error standard deviation

• Component: BI-RA-PA

• Component Name: SAP Predictive Analytics

• Description: Dispersion of errors around the actual result. It is a measure of variability that quantifies how much the errors vary from one another. A low standard deviation indicates that the data points tend to be close to the mean of the dataset, while a high standard deviation indicates that the data points are spread out over a wider range of values.

Smart SAP Assistant

• Key Concepts: 
  Error Standard Deviation is a measure of the accuracy of a predictive model. It is calculated by taking the difference between the predicted values and the actual values, and then dividing by the number of observations. The result is a measure of how far off the predictions are from the actual values. 
  
  How to use it: 
  Error Standard Deviation can be used to evaluate the performance of a predictive model. It can be used to compare different models and determine which one is more accurate. It can also be used to identify areas where the model needs to be improved. 
  
  Tips & Tricks: 
  When using Error Standard Deviation, it is important to remember that it is only a measure of accuracy and not a measure of performance. It does not take into account other factors such as speed or scalability. Additionally, it should not be used as a sole indicator of model performance, as other metrics such as precision and recall should also be taken into account. 
  
  Related Information: 
  Error Standard Deviation is part of SAP Predictive Analytics, which is a suite of tools for creating predictive models. It includes features such as data exploration, feature engineering, model selection, and model evaluation. Additionally, it provides tools for deploying models in production environments.