How do we evaluate the performance of a regression model with a certain RMSE given that a domain knowledge performance metric is not present?
Maybe MAPE is one way of comparing the performance of my model on my dataset with another model on another but a similar dataset.
Is there any way to evaluate the performance of my trained model given summary statistics and RMSE values?
To illustrate, here are the summary statistics of the target value:
Mean = 3.33
Median = 2
STD = 3.24
Max = 92 (no data error)
My RMSE value is significantly lower than the standard deviation. should this indicate that my model is "good enough" ? I mean how can I be sure that my model does not underfit the data ?