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Applicability of the M5 to Forecasting at Walmart

Author

Listed:
  • Seaman, Brian
  • Bowman, John

Abstract

The M5 Forecasting Competition, the fifth in the series of forecasting competitions organized by Professor Spyros Makridakis and the Makridakis Open Forecasting Center at the University of Nicosia, was an extremely successful event. This competition focused on both the accuracy and uncertainty of forecasts and leveraged actual historical sales data provided by Walmart. This has led to the M5 being a unique competition that closely parallels the difficulties and challenges associated with industrial applications of forecasting. Like its precursor the M4, many interesting ideas came from the results of the M5 competition which will continue to push forecasting in new directions.

Suggested Citation

  • Seaman, Brian & Bowman, John, 2022. "Applicability of the M5 to Forecasting at Walmart," International Journal of Forecasting, Elsevier, vol. 38(4), pages 1468-1472.
    • Handle: RePEc:eee:intfor:v:38:y:2022:i:4:p:1468-1472
    DOI: 10.1016/j.ijforecast.2021.06.002
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    References listed on IDEAS

    as
    1. Seaman, Brian, 2018. "Considerations of a retail forecasting practitioner," International Journal of Forecasting, Elsevier, vol. 34(4), pages 822-829.
    2. Makridakis, Spyros & Spiliotis, Evangelos & Assimakopoulos, Vassilios, 2018. "The M4 Competition: Results, findings, conclusion and way forward," International Journal of Forecasting, Elsevier, vol. 34(4), pages 802-808.
    3. Jacob A. Mincer & Victor Zarnowitz, 1969. "The Evaluation of Economic Forecasts," NBER Chapters, in: Economic Forecasts and Expectations: Analysis of Forecasting Behavior and Performance, pages 3-46, National Bureau of Economic Research, Inc.
    4. Jacob A. Mincer, 1969. "Economic Forecasts and Expectations: Analysis of Forecasting Behavior and Performance," NBER Books, National Bureau of Economic Research, Inc, number minc69-1, July.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Fildes, Robert & Kolassa, Stephan & Ma, Shaohui, 2022. "Post-script—Retail forecasting: Research and practice," International Journal of Forecasting, Elsevier, vol. 38(4), pages 1319-1324.
    2. George Athanasopoulos & Rob J Hyndman & Nikolaos Kourentzes & Anastasios Panagiotelis, 2023. "Forecast Reconciliation: A Review," Monash Econometrics and Business Statistics Working Papers 8/23, Monash University, Department of Econometrics and Business Statistics.

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    More about this item

    Keywords

    Retail Forecasting; M5 Competition; Practitioner; Walmart; Metrics;
    All these keywords.

    JEL classification:

    • M5 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics

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