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Key Assumptions in Calculating the Cost of Forecast Error. A commentary on Peter Catt’s article, Assessing the Cost of Forecast Error, in Issue 7 of Foresight

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  • John Boylan

Abstract

John’s key points are these. • Organizations should consider which service level measure aligns most closely to their corporate objectives. Cost of Forecast Error (CFE) calculations should be based on this measure. • Assessment of service level targets at higher levels of aggregation elevates an operational task to a strategic issue and facilitates consideration of external factors. • Alternative approaches which do not depend on Cost of Forecast Error estimates, such as tradeoff curves, should be considered. Copyright International Institute of Forecasters, 2007

Suggested Citation

  • John Boylan, 2007. "Key Assumptions in Calculating the Cost of Forecast Error. A commentary on Peter Catt’s article, Assessing the Cost of Forecast Error, in Issue 7 of Foresight," Foresight: The International Journal of Applied Forecasting, International Institute of Forecasters, issue 8, pages 22-24, Fall.
    • Handle: RePEc:for:ijafaa:y:2007:i:8:p:22-24
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