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Using Error Analysis to Improve Forecast Performance

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  • Steve Morlidge

Abstract

Over the last two years I have written a number of pieces for Foresight with proposals about how to improve the measurement of forecast error. In this article, I show how these and related ideas can be used to manage the performance of the forecast process. Such analyses can be embedded in a control system to provide speedy, actionable feedback to forecasters and to their internal customers. They could also form the basis of an approach for consultants or internal experts to audit the quality of the forecasting process. This article furnishes examples of the practical application of this approach in the demand forecasting process of a typical consumer-goods business, selling product from stock. Copyright International Institute of Forecasters, 2016

Suggested Citation

  • Steve Morlidge, 2016. "Using Error Analysis to Improve Forecast Performance," Foresight: The International Journal of Applied Forecasting, International Institute of Forecasters, issue 41, pages 37-44, Spring.
    • Handle: RePEc:for:ijafaa:y:2016:i:41:p:37-44
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