Click here to read this interview with Steve Morlidge on the practical application of Forecast Value Added, conducted by Mike Gilliland of SAS on behalf of the IBF (Institute of Business Forecasting and Planning).
In previous blog posts I have discussed how to go about the process of identifying forecasting bias: systematic under- or over-forecasting.
Unfortunately, there are more ways of getting this wrong than there are of getting it right and I would like to share one that I came across recently…
So we learned from the last blog post that the apparently simple matter of spotting bias – systematic under or over forecasting – can get surprisingly tricky in practice if our actions are to be guided by scientific standards of evidence – which they need to be if we are…