forecast accuracy

Tracking Forecasting Error With An Excel Model (With Free Download)

Manas AcharekarApril 22, 2022

Peter Drucker’s famous axiom “You can't improve what you don't measure” is particularly relevant to business forecasting. As Demand Planners, we want to measure our forecast performance so we can iterate and improve. Here I present an Excel-based... Read More...

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How To Improve Forecast Accuracy During The Pandemic?

Dr. Chaman L. JainJuly 1, 2021

Q) During the current pandemic we are facing a very difficult time in preparing forecasts. Our forecast accuracy is far below what used to be. Can you suggest any way to improve it? A.) We are certainly in a new economic phase, something we have n... Read More...

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Stop Worrying About Forecast Accuracy!

Trixie TacungJune 4, 2021

“Ah, my forecast accuracy was bad last month because marketing added a promotion too late...” “My forecast accuracy is fantastic; I achieved 70% for month 3!” How many times have you heard one of the above from your Demand Planners? And in... Read More...

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Why Forecast Accuracy Is Hiding The Truth About Performance

Marie GroenlandJuly 20, 2020

Having worked in demand planning, S&OP and supply planning for several years, I have found that organizations often try to improve forecasts as a means to improve the overall supply chain. Indeed—looking at the pure math—improved forecast accurac... Read More...

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8 KPIS EVERY DEMAND PLANNER SHOULD KNOW

Can Eksoz, PhDJune 1, 2020

Without KPIs, it is impossible to improve forecast accuracy. Here are 8 highly effective metrics that allow you to track your forecast performance, complete with their formulas. Forecast Accuracy This KPI is absolutely critical because the more ac... Read More...

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Do Forecasts Have To Be Right To Be Valuable?

Daniel FitzpatrickJune 12, 2019

"I hate this part of my job -there's no way to be right." I'd had the same thought many times. I was talking to a fellow demand planner, who was under pressure to provide more accurate forecasts. It was a no-win situation. "So stop trying to be... Read More...

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Forecast Accuracy Benchmarking Is Dead (Long Live Forecastability)

Eric Wilson, ACPFApril 15, 2019

How valuable is forecast accuracy benchmarking? It's always interesting to see how your competitors' are faring, but does knowing other companies' forecast accuracy help improve your own, and does it help to set realistic forecast accuracy targets fo... Read More...

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How Can I Aggregate Demand & Maintain Visibility At Customer Level?

Dr. Chaman L. JainMarch 6, 2019

Question Dear Dr. Jain, We are currently working on improving our forecast accuracy. One of the ideas is to create an 'all other' group for the smaller customers with low volume. While it improves FA, my concern is the visibility we lose of that ... Read More...

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How Much Does Forecasting Software Cost, & How Much Will It Save?

Eric Wilson, ACPFJuly 12, 2018

In the last blog we started our discussion on selecting the right forecasting and demand planning software to fit your organization’s needs. We started with first understanding your needs before you talk to vendors, and what to include in your list o... Read More...

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Ask Dr. Jain: What Are The Forecast Accuracy Benchmarks In Retail?

Dr. Chaman L. JainJune 22, 2018

Question: Dear Dr. Jain, What are the benchmarks in forecast accuracy in the retail industry, specifically for companies that use JDA Demand software? Answer These are benchmarks of forecast errors in the retail industry, based on the last fi... Read More...

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