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Why is forecasting error important?

Understanding and measuring forecast error is critical to improving forecast accuracy. Forecast error is far less well understood than most people know. It is obviously important to understand forecasting error as it provides the necessary feedback to improve forecast accuracy eventually.

What is compare forecast error?

Compare forecast error (For all the forecasts at the company) To sort the product location combinations based on which product locations lost or gained forecast accuracy from other forecasts. To be able to measure any forecast against the baseline statistical forecast.

How do you calculate forecast error?

A common way to work out forecast error is to calculate the Mean Absolute Deviation (MAD). This shows the deviation of forecasted demand from actual demand, in units. The MAD calculation takes the absolute value of the forecast errors (difference between actual demand and the forecast) and averages them over the forecasted time periods.

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