Monetized Forecast-Error Comparisons

Shaun Snapp

Foresight: The International Journal of Applied Forecasting, 2019, issue 53, 33-38

Abstract: Standard error metrics such as the MAPE are not effective in directing a company to make changes that will have the most significant impact. Rather, it is in the monetization of forecast error that we enable the best use of forecasting resources. This article illustrates the calculation of the monetized forecast-error metric and presents the author's free application designed to steer improvement in forecast accuracy at specific product/locations. Copyright International Institute of Forecasters, 2019

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:for:ijafaa:y:2019:i:53:p:33-38

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