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About How To Track Forecast Accuracy To Guide Forecast Process Improvement
This document discusses tracking forecast accuracy over time to guide process improvement. It notes that while forecast accuracy is measured for individual items, few organizations track aggregate accuracy metrics over time. The key steps to effective tracking are: 1) determining an appropriate accuracy metric, 2) deciding the level of aggregation, 3) retaining key attributes, and 4) setting targets and weights. Tracking accuracy provides insights to identify systematic changes and explanations for failing to meet targets. Relatively few firms track accuracy due to data storage difficulties, outdated technology, inability to agree on metrics, and lack of impetus from the forecasting process.
Detailed Information
| Author: | ['Anand Kant'] |
|---|---|
| Publication Year: | 2017 |
| Pages: | 9 |
| Language: | English |
| Format: | |
| Price: | FREE |
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