The word ‘feedback’ is in common usage, and people often talk about ‘closing the loop,’ but few people realise what these terms really mean…and how important they are.
Moreover in the world of forecasting there is a conspicuous failure to close the feedback loop, with the result that the performance of…
Forecasting products where demand is intermittent (ID) has long been a problem for forecasters.
The reason for this is that, where the historic record contains many periods with zero demand, it is difficult for forecasting algorithms to pick up the correct demand signal to drive…
When practitioners are asked what forecast accuracy they use the usual response is ‘MAPE’, which is short for Mean Absolute Percentage Error.
It is easy to see why; intuitively, it makes sense.
Because it represents the average difference between the actual and the forecast expressed as…