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Measuring Forecast Accuracy

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Measuring Forecast Accuracy Prepared by : Jennifer Preston
Agenda 1. Basic Concept 2. Quantity Accuracy 3. Time Accuracy 4. All in One
Agenda – Basic Concept 1. Basic Concept 2. Quantity Accuracy 3. Time Accuracy 4. All in One
Basic Concept ,[object Object],[object Object],[object Object],[object Object]
Dimensions of Forecast Accuracy FORECAST ACCURACY Quantity Accuracy Time Accuracy
Agenda – Quantity Accuracy 1. Basic Concept 2. Quantity Accuracy 3. Time Accuracy 4. All in One
Quantity Accuracy Common Measurements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Quantity Accuracy Common Measurements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Quantity Accuracy Calculation (Under and Over Forecast) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Quantity Accuracy Calculation (Weight of Under and Over Forecast) ,[object Object],[object Object],[object Object],Order=A 100% 0% Forecast Accuracy Forecasted Quantity 2A Overforecast Underforecast A 100% 0% Forecast Accuracy Forecasted Quantity CA Overforecast Underforecast
Agenda – Time Accuracy 1. Basic Concept 2. Quantity Accuracy 3. Time Accuracy 4. All in One
Time Accuracy (Different Time Shifting) ,[object Object],Postpone
Time Accuracy Calculation (Post and Pre-poned Forecast) ,[object Object],[object Object],[object Object],[object Object]
Agenda – All in One 1. Basic Concept 2. Quantity Accuracy 3. Time Accuracy 4. All in One
[object Object],Total Forecast Accuracy
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Measuring Forecast Accuracy