Assessing the Cost of Forecast Error: A Practical Example

Peter Maurice Catt

Foresight: The International Journal of Applied Forecasting, 2007, issue 7, pages 5-10

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

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