I agree with what Talbot has said in his post. You could use volume-weighted accuracy as it involves weighting the accuracy by the volume of each product, giving a more realistic picture. Along with FA, you can measure forecast BIAS that sho...
When I had to measure forecast error, I did not agree with this method. You have to understand that there are two kinds of problems in forecasting. If you forecast 400 units and the order does not show up, then the manufacturing plant has 400 sets of material on hand and nowhere to se...
We describe the way forward for demand-planning process improvement with the use of the proven Six Sigma methodology. We bring real Six Sigma use cases to explain and extract the value of using data and statistical analysis in a continuous process improvement optic....
Filed under - Workforce Planning, Forecasting, How to Calculate, Workforce Management (WFM) We investigate how to measure and calculate forecast volatility in the contact centre. What Is Forecast Volatility? Volatility is a measure of the unpredictability of contacts coming into the contact centre. ...
To calculate inventory forecasting, you’ll need to determine your safety stock, reorder points, and lead time demand. There are multiple steps to this process: 1. Measure sales trends A sales trend indicates a pattern in increases or decreases in sales over time. You can analyze this data ...
This step assesses the accuracy and reliability of the forecasting model. After an event, you compare the model’s predictions with the actual results. To measure accuracy, I suggest using metrics like: Mean absolute percentage error (MAPE), which shows accuracy as a percentage. ...
Sentence similarityMeasure how similar two sentences are. Simple ML.NET app The code in the following snippet demonstrates the simplest ML.NET application. This example constructs a linear regression model to predict house prices using house size and price data. ...
Sentence similarityMeasure how similar two sentences are. Simple ML.NET app The code in the following snippet demonstrates the simplest ML.NET application. This example constructs a linear regression model to predict house prices using house size and price data. ...
The most common valuation method used to find a stock's fundamental value is the discounted cash flow (DCF) analysis. Many analysts prefer it because it focuses on what many consider the truest measure of a company's value creation: free cash flow. This approach looks at a company's abilit...
Betais the name of the measure used to help determine how sensitive and volatile a company's value is and, thus, what kind of return investors should expect. A private grocery chain might deserve a lower risk premium than, say, a private tech startup because grocery sales tend to stay st...