Mean Absolute Percentage Error (MAPE) is a statistical measure used to assess the accuracy of a forecasting model. It calculates the average absolute percentage difference between the predicted values and the actual values. This helps in understanding how far off predictions are from reality, expressed as a percentage. MAPE is particularly useful because it provides a clear and interpretable metric for comparing different forecasting methods. A lower MAPE indicates better predictive accuracy, making it a valuable tool for businesses and analysts when evaluating the performance of their models in various fields, such as finance and supply chain management.