Error Analysis

Error Analysis method allows the user to decide the algorithm for error calculation. The Error Analysis method will be calculated for all selected Forecast Methods. The winner will be the forecast method with the lowest error.

Periods (from end point and back) must be entered. This defines the periods that are used for the Error Analysis.

Periods (from end point and back) should typically be three monthly periods and maximum 1/3 of the total available periods.

Lower and Upper limits can be defined. If the calculation of the error analysis method is outside these limits, the forecast method will not be selected as winner. This feature makes it possible to perform competitive forecasting without finding a winner that is good enough. A scoreboard can be defined to identify key records without a winner for manual inspection and perhaps determine a different forecast method or a different competitive method that is better suited.