Why Do People Not Hold Others Accountable for Forecast Error?
Forecast Error

Why Do People Not Hold Others Accountable for Forecast Error?

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…

How Can Forecast Error be Calculated?
Forecast Error

How Can Forecast Error be Calculated?

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…

What is a Good Forecast Accuracy Percentage?
Forecast Error

What is a Good Forecast Accuracy Percentage?

Executive Summary A frequently asked question is what is a good forecast accuracy percentage. We answer if there a real answer to this question. Video Introduction: What is a Good Forecast Accuracy Percentage? Text Introduction (Skip if You Watched the Video) Executives in companies typically want to know if their forecast accuracy percentage is what…

What is the Definition of Forecast Accuracy?
Forecast Error

What is the Definition of Forecast Accuracy?

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 Text Introduction (Skip if You Watched the Video) Understanding and measuring forecast error is critical to improving forecast accuracy. Forecast error is far less well understood than…

How is Forecast Accuracy Measured?
Forecast Error

How is Forecast Accuracy Measured?

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…

How Do You Explain Forecast Accuracy?
Forecast Error

How Do You Explain Forecast Accuracy?

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…

Why is it Important to Understand Forecasting Error?
Forecast Error

Why is it Important to Understand Forecasting Error?

Executive Summary Understanding and measuring forecast error is critical to improving forecast accuracy. Forecast error is far less well understood than most people know. Video Introduction: Why it is Important to Understand Forecasting Error Text Introduction (Skip if You Watched the Video) It is obviously important to understand forecasting error as it provides the necessary feedback…

How MAE is Calculated for Forecast Error Measurement
Forecast Error

How MAE is Calculated for Forecast Error Measurement

Executive Summary MAE is a universally accepted forecast error measurement. MAE is generally low in effectiveness in providing feedback to improve the forecast. Video Introduction: How MAE is Calculated for Forecast Error Measurement Text Introduction (Skip if You Watched the Video) MAE, or Mean Absolute Error, is easy to understand and easy to calculate. It…

How MASE is Calculated for Forecast Error Measurement
Forecast Error

How MASE is Calculated for Forecast Error Measurement

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…

How Can Forecast Error Be Reduced?
Forecast Error

How Can Forecast Error Be Reduced?

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…