Executive Summary A major issue with forecast error is the lack of interest in measuring individuals. We cover an instance of why this is. Introduction The problem with not holding people accountable for forecast error is proliferated both in companies and in societies. This article shows an example of this general distain for holding people…
Executive Summary Several universally accepted methods calculates the forecast error. After going over them, we will question if these methods are effective. Video Introduction: How Can Forecast Error be Calculated? Text Introduction (Skip if You Watched the Video) The question of how can forecast error be calculated is a common question in forecasting. We go…
Executive Summary A frequently asked question is what is a good forecast accuracy percentage. We answer if there a real answer to this question. Introduction Executives in companies typically want to know if their forecast accuracy percentage is what is a good forecast accuracy percentage. The standard expectation is that their forecast accuracy can be…
Executive Summary Forecast accuracy has a simple definition but many important details. We cover the definition of forecast accuracy and its implications. Video Introduction: Definition of Forecast Accuracy Introduction Understanding and measuring forecast error is critical to improving forecast accuracy but not many people actually understand how measuring forecast accuracy or forest error works. In…
Executive Summary The forecast accuracy is measured by a number of universally accepted measurement methods. After going over them, we will question if these methods are effective. Video Introduction: How is Forecast Accuracy Measured? Text Introduction (Skip if You Watched the Video) How forecast accuracy is measured is one of the most common questions in…
Executive Summary Being able to explain forecast accuracy is essential to getting people to consider forecast accuracy important. We cover the most basic way to explain forecast accuracy. Video Introduction: How Do You Explain Forecast Accuracy? Text Introduction (Skip if You Watched the Video) The question of how do you explain forecast accuracy is a…
Executive Summary Understanding and measuring forecast error is critical to improving forecast accuracy. Forecast error is far less well understood than most people know. Introduction It is vital to understand forecasting error as it provides the necessary feedback to improve forecast accuracy eventually. However, forecast error measurements are tricky, and in most companies, it tends…
Executive Summary MAE is a universally accepted forecast error measurement. MAE is generally low in effectiveness in providing feedback to improve the forecast. Introduction MAE, or Mean Absolute Error, is easy to understand and calculate. It is also proportional. MAE is a universally accepted forecast error measurement; even still, MAE is generally moderate ineffectiveness in…
Executive Summary MASE is one of the alternatives presented for limitations with MASE forecast error measurement. MASE is an interesting entry into forecast accuracy. Video Introduction: How MASE is Calculated for Forecast Error Measurement Text Introduction (Skip if You Watched the Video) How MASE for Mean Absolute Scaled Error is a forecast error measurement calculation…
Executive Summary Most companies are dissatisfied with their forecast error but are not aware of how to forecast error can be reduced. We cover some of the significant shortcomings and, therefore, areas of opportunity for forecast improvement. Video Introduction: How Can Forecast Error Be Reduced? Text Introduction (Skip if You Watched the Video) There is…