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Frequently Asked Questions

What is forecast bias?

What Is Forecast Bias? Forecast Bias can be described as a tendency to either over-forecast (forecast is more than the actual), or under-forecast (forecast is less than the actual), leading to a forecasting error. There are many reasons why such bias exists including systemic ones as discussed in a prior forecasting bias discussion.

What is forecast in Excel?

Forecast in Excel. Forecast function available in excel is the simplest ever forecasting function that we could have. This function predicts the selected iteration sequence but for that, we must have all the rest knowns sequences and rest known values. Forecast function simply uses Moving average forecast method to predict the next demand.

How do you calculate bias?

Rick Glover on LinkedIn described his calculation of BIAS this way: Calculate the BIAS at the lowest level (for example, by product, by location) as follows: BIAS = Historical Forecast Units (Two-months frozen) minus Actual Demand Units. If the forecast is greater than actual demand than the bias is positive (indicates over-forecast).

What is the difference between forecast formula and VBA function?

The FORECAST formula in Excel can be used as a worksheet function and a VBA function VBA Function VBA functions serve the primary purpose to carry out specific calculations and to return a value. Therefore, in VBA, we use syntax to specify the parameters and data type while defining the function.

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