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Use Scaled Errors Instead of Percentage Errors in Forecast Evaluations

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Author Info
Lauge Valentin
Abstract

Lauge Valentin presents a case for abandoning percentage errors when evaluating forecasts and replacing them by scaled errors. He describes how the shift from percentage errors to scaled errors was motivated by his company’s need for an accuracy statistic that would lend itself to benchmarking across product groups. Lauge shows how scaled error measures are used in the LEGO Group for evaluating forecast performance. Copyright International Institute of Forecasters, 2007

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Article provided by International Institute of Forecasters in its journal Foresight: The International Journal of Applied Forecasting.

Volume (Year): (2007)
Issue (Month): 7 (Summer)
Pages: 17-22
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Handle: RePEc:for:ijafaa:y:2007:i:7:p:17-22

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