Keyword Analysis & Research: forecast accuracy kpi

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Frequently Asked Questions

What are the best KPIs to measure the accuracy of a forecast?

Forecasting KPIs such as MAPE, MAE, and RMSE are not suited to assess the accuracy of a product portfolio. Let’s take a look at a few new metrics: MASE, RMSSE, WMASE, and WRMSSE. As forecasters, we have many metrics in our toolbox to assess the quality of a forecast. Each metric (Bias, MAE, and RMSE) comes with pros and cons.

What are the different types of forecast accuracy metrics?

There is probably an infinite number of forecast accuracy metrics, but most of them are variations of the following three: forecast bias, mean average deviation (MAD), and mean average percentage error (MAPE).

How to improve forecasting accuracy for your business?

The first thing we do for our clients is to start generating accurate forecasts for each SKU at each stocking location, and we also put the forecast accuracy metrics in place to monitor their accuracy and error going forward. For various reasons, the forecasts can get off track. Your business can have a couple of months of slow sales.

Do you track your forecast accuracy and forecast error?

Unfortunately, most wholesalers, distributors and retailers do not track their forecast accuracy or forecast error. In order to improve your forecast accuracy, you have to know where you are starting from.

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