Forecasting performance measures – what are their practical meaning?
Advances in Business and Management Forecasting
ISBN: 978-0-85724-201-3, eISBN: 978-0-85724-202-0
Publication date: 17 November 2010
Abstract
Producing good forecast is a vital aspect of a business. The accuracy of these forecasts could have a critical impact on the organization. We introduce a new, practical, and meaningful forecast performance measure called percentage forecast error (PFE). The results of comparing and evaluating this new measure to traditional forecasting performance measures under several different simulation scenarios are presented in this chapter.
Citation
Klimberg, R.K., Sillup, G.P., Boyle, K.J. and Tavva, V. (2010), "Forecasting performance measures – what are their practical meaning?", Lawrence, K.D. and Klimberg, R.K. (Ed.) Advances in Business and Management Forecasting (Advances in Business and Management Forecasting, Vol. 7), Emerald Group Publishing Limited, Leeds, pp. 137-147. https://doi.org/10.1108/S1477-4070(2010)0000007012
Publisher
:Emerald Group Publishing Limited
Copyright © 2010, Emerald Group Publishing Limited