Demand Forecasting: Measuring forecast accuracy and comparing different techniques/algorithms
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Demand forecasting is a critical business process basis which various supply chain/fulfillment activities are planned. Organizations use various kind of estimation techniques. It is very important to measure the performance of the techniques and identify the best fit. In this solution we explore two forecasting techniques and performance measures.
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Solution Summary
The solution provides help on two forecasting techniques: 1) Moving average methods, 2) Exponential smoothing. In excel, it demonstrates forecast and forecasting error calculations. Two forecasting error/accuracy measures are used, 1) Mean absolute percentage error (MAPE) and 2) Mean absolute deviation (MAD).
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The solution provides help on two forecasting techniques: 1) Moving average ...
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