I have been using the
Root Mean Squared Error(RMSE) to measure the accuracy of values predicted using a model. I understand that the value returned is using the units of my measures (rather than a percentage). However, I would like to quote my values as a percentage. The approach that I have taken is to normalize the
RMSEby the mean value of my observations.
Is there a term for
Yes, it is called the coefficient of variation. See this question for some discussion about
this parameter, or read the Wikipedia entry.