Public Procurement Announcements in Spain: Regulations, Data Analysis, and Award Price Estimator Using Machine Learning

<table class="table-group" id="tab4"><tr><td><table class="table"><tr><td class="thead-hr" colspan="2"><hr/></td></tr><tr class="thead"><td class="align_left">Error</td><td class="align_center">Value</td></tr><tr><td class="thead-hr" colspan="2"><hr/></td></tr><tr><td class="align_left">Absolute error (AE)</td><td class="align_center">See Figure <a href="../fig4/#c">4(c)</a></td></tr><tr><td class="align_left">Absolute percentage error (APE)</td><td class="align_center">See Figure <a href="../fig5/">5</a></td></tr><tr><td class="align_left">Median absolute error (MdAE)</td><td class="align_center">€6,955.00</td></tr><tr><td class="align_left">Median absolute percentage error (MdAPE)</td><td class="align_center">11.84%</td></tr><tr><td class="align_left">Mean absolute error (MAE)</td><td class="align_center">€137,778.64</td></tr><tr><td class="align_left">Mean absolute percentage error (MAPE)</td><td class="align_center">39.79%</td></tr><tr><td class="align_left">Root mean square error (RMSE)</td><td class="align_center">101,451,609,620,714</td></tr><tr><td class="align_left">Coefficient of determination</td><td class="align_center">−3.10</td></tr><tr class="table-tr"><td colspan="2"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

<div>Error metrics between tender price and award price.</div>

Complexity

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Table 4

Table 4: Public Procurement Announcements in Spain: Regulations, Data Analysis, and Award Price Estimator Using Machine Learning 