20 Years of FVA: A Critical Retrospective

Michael Gilliland

Foresight: The International Journal of Applied Forecasting, 2023, issue 71, 10-17

Abstract: Forecast Value Added (FVA) is a familiar framework for evaluating an organization's forecasting performance. While traditional metrics measure the accuracy or bias achieved by a forecasting process, FVA instead examines the process steps and participants that deliver the achieved performance. FVA's purpose is to identify waste in a forecasting process - activities that are failing to improve accuracy or reduce bias. By eliminating the non-value adding activities, a forecasting process will consume fewer resources, yet can maintain (or improve) its levels of accuracy and bias. In this Special Feature we take a critical look at FVA, with six articles from consultants, researchers, and industry practitioners sharing their perspectives on FVA benefits, enhancements, and challenges. Copyright International Institute of Forecasters, 2023

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:for:ijafaa:y:2023:i:71:p:10-17

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