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accuracy is the process of determining the accuracy of forecasts made regarding customer demand for a product. Contents 1 Importance of forecasts 2 Calculating the accuracy of
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supply chain forecasts 3 Calculating forecast error 4 See also 5 References
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Importance of forecasts[edit] Understanding and predicting customer demand is vital to manufacturers and distributors to avoid stock-outs and what is a good percent error maintain adequate inventory levels. While forecasts are never perfect, they are necessary to prepare for actual demand. In order to maintain an optimized inventory and effective supply chain, accurate demand http://www.thestudentroom.co.uk/showthread.php?t=1616822 forecasts are imperative. Calculating the accuracy of supply chain forecasts[edit] Forecast accuracy in the supply chain is typically measured using the Mean Absolute Percent Error or MAPE. Statistically MAPE is defined as the average of percentage errors. Most practitioners, however, define and use the MAPE as the Mean Absolute Deviation divided by Average Sales, which is just a volume https://en.wikipedia.org/wiki/Calculating_demand_forecast_accuracy weighted MAPE, also referred to as the MAD/Mean ratio. This is the same as dividing the sum of the absolute deviations by the total sales of all products. This calculation ∑ ( | A − F | ) ∑ A {\displaystyle \sum {(|A-F|)} \over \sum {A}} , where A {\displaystyle A} is the actual value and F {\displaystyle F} the forecast, is also known as WAPE, Weighted Absolute Percent Error. Another interesting option is the weighted M A P E = ∑ ( w ⋅ | A − F | ) ∑ ( w ⋅ A ) {\displaystyle MAPE={\frac {\sum (w\cdot |A-F|)}{\sum (w\cdot A)}}} . The advantage of this measure is that could weight errors, so you can define how to weight for your relevant business, ex gross profit or ABC. The only problem is that for seasonal products you will create an undefined result when sales = 0 and that is not symmetrical, that means that you can be much more inaccurate if sales are higher than if they are lower than the forecast. So sMA
Help Suggestions Send Feedback Answers Home All Categories Arts & Humanities Beauty & Style Business & Finance Cars & Transportation Computers & Internet Consumer Electronics Dining Out Education & Reference Entertainment & Music Environment Family & Relationships Food & Drink Games & Recreation Health Home & Garden Local https://answers.yahoo.com/question/?qid=20080927073724AAPJ0yb Businesses News & Events Pets Politics & Government Pregnancy & Parenting Science & Mathematics Social Science Society & Culture Sports Travel Yahoo Products International Argentina Australia Brazil Canada France Germany India Indonesia Italy Malaysia Mexico New Zealand Philippines Quebec Singapore Taiwan Hong Kong Spain Thailand UK & Ireland Vietnam Espanol About About Answers Community Guidelines Leaderboard Knowledge Partners Points & Levels percent error Blog Safety Tips Science & Mathematics Physics Next How do i calculate the total percentage error? Error from A = 0.10% and another error from A = 0.15% Also, Error B = 0.50% As m = (∆T²) / (∆L) , then does it follow that the total error is: = (0.10% + 0.15%)^2 / 0.50% Or do i just add them all percentage error total up??? Follow 1 answer 1 Report Abuse Are you sure you want to delete this answer? Yes No Sorry, something has gone wrong. Trending Now Conor McGregor Philip Rivers Wiz Khalifa Tim Tebow Miranda Lambert Luxury SUV Deals Kevin Meaney Oregon Ducks Rheumatoid Arthritis Symptoms 2016 Cars Answers Best Answer: You are measuring T and L. where does A and B fit in? In general, errors add when you multiply, and multiply when you do a power. So a term that is squared with 1% error has a 2% error. . Source(s): billrussell42 · 8 years ago 0 Thumbs up 0 Thumbs down Comment Add a comment Submit · just now Report Abuse Add your answer How do i calculate the total percentage error? Error from A = 0.10% and another error from A = 0.15% Also, Error B = 0.50% As m = (∆T²) / (∆L) , then does it follow that the total error is: = (0.10% + 0.15%)^2 / 0.50% Or do i just add them all up??? Add your answer Source Submit Cancel Report Abuse I think this q