I have been checking how each error metric works in the hope to find the best one for my data but it can be quite tricky actually.
I have monthly time series data and I am running a SARIMA model to predict my next 12 data points. Below you can see the chart and the outputs of MAE and RMSE.
MAE: 0.3452288 and
I have some questions:
- Which metric would make more sense the type of problem I have, MAE or RMSE?
- How can I interpret if the values of MAE and RMSE that I got are good or bad in relation to my data?