I have a regression MLP network with all input values between 0 and 1, and am using MSE for the loss function. The minimum MSE over the validation sample set comes to 0.019. So how to express the 'accuracy' of this network in 'lay' terms? If RMSE is 'in the units of the quantity being estimated', does this mean we can say: "The network is on average (1-SQRT(0.019))*100 = 86.2% accurate"?
Also, in the validation data set, there are three 'extreme' expected values. The lowest MSE results in predicted values closer to these three values, but not as close to all the other values, whereas a slightly higher MSE results in the opposite - predicted values further from the 'extreme' values but more accurate relative to all other expected values (and this outcome is actually preferred in the case I'm dealing with). I assume this can be explained by RMSE's sensitivity to outliers?