Here's a solution that employs the macro \DeclarePairedDelimiter (provided by the mathtools package) to generate absolute-value "fences" around the summation. I would use \abs[bigg] rather than \abs*, to keep the vertical bars from becoming needlessly large. I would also write \widehat{\Sigma} rather than \hat{\Sigma}, to make the "hat" symbol a bit easier to spot. And, do write either \mathrm{MASE} or \mathit{MASE}, to inform TeX that it's dealing with an entire word rather than a product of the variables named M, A, S, and E.

\documentclass{article}
\usepackage{mathtools}
\DeclarePairedDelimiter{\abs}{\lvert}{\rvert}
\begin{document}
\begin{equation}\label{eq:mase}
\mathrm{MASE} = \frac{1}{n}
\abs[\bigg]{ \sum_{i = 1}^{n} \widehat{\Sigma}^{-1/2}
\begin{pmatrix}
y_{ci} - \hat{y}_{ci}\\
y_{ri} - \hat{y}_{ri}
\end{pmatrix} }
\end{equation}
\end{document}
\midis considered as a binary relation" ok, for example$2\mid 5$, but would you include it on for example$f\colon \mathbb{R}\to\mathbb{R}\mid f(x)=x+5$? Or would you go for "such that" (text)? – manooooh Apr 20 '19 at 15:48The function $f\colon\mathbb{R}\to\mathbb{R}$ defined by $f(x)=x+5$.– egreg Apr 20 '19 at 15:49