Forecast accuracy
In the section you will find materials on the forecast accuracy of various forecasting algorithms and methods for its estimation. One of the most common methods for assessing forecast accuracy is using MAPE and RMSE errors. The article "Why we do not consider MAPE, RMSE and other mathematical errors in forecasting demand" is devoted to why we consider such a method incorrect.
How to Predict Demand for New Products?
As retail landscapes evolve, businesses constantly face the challenge of forecasting demand for their latest...
Accuracy of Forecasting or Profit: What Should Be Measured?
Forecast accuracy is one of the most popular metrics among inventory management professionals. But how does it relate...
Sales Forecasting: Human Insight vs. Artificial Intelligence
As technology advances, the performance of artificial intelligence is often compared to that of human employees:...
Why should we calculate the order directly, rather than...
The classical approach to inventory planning is as follows: first, forecasting demand, then, based on the numbers...
Why Better Forecast Accuracy Doesn't Mean Better Profits....
Why Better Forecast Accuracy Doesn't Mean Better Profits. We discuss the 5 main challenges associated with using the...
How Digital Twin Technology Helps in Inventory Management
This article describes how digital twin technology, coupled with probabilistic forecasting, helps you manage your...
Why we ignore MAPE, RMSE, and other mathematical errors...
When a business is faced with the task of forecasting demand for inventory management, the question usually arises of...
Why Forecast Inventories and not Demand?
Most companies use demand forecasting methods that are 10-15 years behind: exponential smoothing, ARIMA, moving...
Subscribe to the newsletter and stay up to date with new features and program updates
You have subscribed to the newsletter!
Find out how Forecast NOW!
can help your company grow.
Curious to know how we can help your company? Just fill in the contact form and one of our managers will get in touch with you shortly to discuss your needs and challenges and how effective a solution ForecastNOW can be for you!
We will leverage your sales data to run a demo model to give you insight to how much more profitable your business could be with Forecast NOW!
By leaving an application, you consent to the privacy policy
Thank you for your interest in ForecastNOW!
One of our team specialists will contact you shortly to discuss!