Forecast accuracy compares forecasted sales for a specific period. Forecast accuracy is computed as 1 - the absolute value of (actual sales - forecast sales), divided by the actual sales. The forecast period and the actual sales must correspond to the same period. Forecast sales is the sales forecasted for the financial period. This measure is part of a set of Process Efficiency measures that help companies optimize the performance of their "Perform planning/budgeting/forecasting" process by minimizing waste and refining resource consumption.
Overall forecast accuracy