Calculating Forecast Error
The forecast error needs to be calculated using actual sales as a base. There are several forms of forecast error calculation methods used, namely mean percentage error, root mean squared error, tracking signal and forecast bias.
Read more about this topic: Forecast Error
Famous quotes containing the words calculating, forecast and/or error:
“I know that the right kind of leader for the Labour Party is a kind of desiccated calculating machine.”
—Aneurin Bevan (1897–1960)
“I cannot forecast to you the action of Russia. It is a riddle wrapped in a mystery inside an enigma.”
—Winston Churchill (1874–1965)
“It is not to everyone’s taste that truth should be pronounced pleasant. But at least let no one believe that error becomes truth when it is pronounced unpleasant.”
—Friedrich Nietzsche (1844–1900)