A model, under a more general perspective, is the mathematical representation of a real-life system, e.g. a simulator or emulator of an airplane uses airplane flight navigation models and turbo jet engine models. A machine learning (ML) model is a mathematical representation of data applied to an algorithm.
MAE in statistics and Machine Learning (ML) stands for the Mean Absolute Error. MAE is the average of the sum of the differences between the actual and predicted values in a dataset. In other words the MAE is the calculation of the the average of the residuals. MAE is expressed by the following mathematical formula. ... Read more
MSE in Machine Learning (ML) stands for Mean Squared Error and is an error calculation formula. MSE calculates the average value of the square power of the sum of differences between the original and predicted values in a dataset. It is similar to MAE, in that MSE is a calculation for the variance of residuals, ... Read more
The term multivariate generally refers to a property of a dataset having multiple variables being studied. In time series forecasting problems, multivariate refers to multiple variables being measured in given time series. The most common multivariate ML algorithm is VAR.
