Forecast accuracy one planning period prior to production run
Forecast accuracy compares forecasted demand to actual demand. This measure calculates it for products and/or families for markets/distribution channels one planning period prior to production run. In this case, forecast accuracy = 1 - the absolute value of the quantity (actual number of units - forecast number of units) divided by the actual number of units where: forecast number of units = the units forecasted for the production run immediately following the planning period actual number of units = the units actually produced for the production run immediately following the planning period. This measure is part of a set of Process Efficiency measures that help companies optimize the performance of their "measure forecast accuracy" process by minimizing waste and refining resource consumption.
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Units for this measure are percent.
Forecast accuracy one planning period prior to production run
Key Terms
Forecast accuracy one planning period prior to production run is calculated for products and/or families for markets/distribution channels in unit measurement.
Forecast accuracy = 1- the absolute value of the quantity (actual number of units - forecast number of units) divided by the actual number of units where:
forecast number of units = The units forecasted for the production run immediately following the planning period
actual number of units = the units actually produced for the production run immediately following the planning period
Process efficiency represents how well a process converts its inputs into outputs. A process that converts 100% of the inputs into outputs without waste is more efficient than one that converts a similar amount of inputs into fewer outputs.