Model transparency and accountability are foundational to our work at Recast. We openly publish model performance metrics to customers and use them internally to assess and improve the quality of Recast’s media mix models. Three of these metrics – Median Holdout Accuracy, Marketing Dollars Saved Using Recast, and Average Annual Value per Recast Model – are published on our live accuracy dashboards. This article explains what these performance metrics are, how they’re calculated, and why they’re important to our customers. Metric 1: Median Holdout Accuracy Simply stated:Median Holdout Accuracy – or Forecast Accuracy – is calculated as 1 minus the scaled Continuous Ranked Probability Score (CRPS) on the cumulative predictions and actuals over the forecast period. How it works in…