Keyword Analysis & Research: what is forecast error

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Frequently Asked Questions

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 a forecast error measurement element?

In many cases, forecasts are created at a much more aggregated level, such as sales forecasting. However, when the forecast error is created at the product location, a significant error measurement element is how the error is reported outside of the individuals actually performing the forecasting.

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.

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