What is model fit in SAP CA-DDF-RT - Demand Data Foundation for Retail?

SAP Term: model fit

• Component: CA-DDF-RT

• Component Name: Demand Data Foundation for Retail

• Description: The result of evaluating the estimated model on past data, also known as an "in-sample fit" or a "backcast". The model fit is a time series of fitted values that can be compared to the actually observed values.

Smart SAP Assistant

• Key Concepts: 
  Model fit is a term used in the SAP component CA-DDF-RT Demand Data Foundation for Retail. It is a measure of how well a model fits the data it is trying to predict. It is calculated by comparing the predicted values from the model to the actual values in the data set. The closer the predicted values are to the actual values, the better the model fit. 
  
  How to use it: 
  Model fit can be used to evaluate how well a model is performing. It can be used to compare different models and determine which one is best suited for a particular task. It can also be used to identify areas where a model needs improvement. 
  
  Tips & Tricks: 
  When evaluating model fit, it is important to consider both accuracy and precision. Accuracy measures how close the predicted values are to the actual values, while precision measures how consistent the predictions are. A model with high accuracy but low precision may not be as useful as one with lower accuracy but higher precision. 
  
  Related Information: 
  Model fit is related to other metrics such as root mean squared error (RMSE) and mean absolute error (MAE). These metrics measure how far off the predicted values are from the actual values, and can be used in conjunction with model fit to evaluate a model's performance.