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Assessing the Cost of Forecast Error: A Practical Example

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  • Peter Maurice Catt

Abstract

Peter provides a detailed tutorial on the costs associated with forecast errors. His procedure considers inventory costs, including safety stock, as well as the costs of lost sales attributable to poor service (out-of stock). He shows how the cost of forecast error (CFE) can be used to determine appropriate safety stock levels. Copyright International Institute of Forecasters, 2007

Suggested Citation

  • Peter Maurice Catt, 2007. "Assessing the Cost of Forecast Error: A Practical Example," Foresight: The International Journal of Applied Forecasting, International Institute of Forecasters, issue 7, pages 5-10, Summer.
    • Handle: RePEc:for:ijafaa:y:2007:i:7:p:5-10
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    Cited by:

    1. A A Syntetos & J E Boylan & S M Disney, 2009. "Forecasting for inventory planning: a 50-year review," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 60(1), pages 149-160, May.

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