Overall forecast accuracy

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.

Benchmark Data

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Measure Category:
Process Efficiency
Measure ID:
107873
Total Sample Size:
2,830 All Companies
Performers:
25th
- Median
- 75th
-
Key Performance
Indicator:
Yes

Compute this Measure

Units for this measure are percent.

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Overall forecast accuracy

Key Terms

There are no key terms associated with this measure.
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Measure Scope

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Cross Industry (7.3.1)

  • 9.1.1.1 - Develop and maintain budget policies and procedures (10771)
  • 9.1.1.2 - Prepare periodic budgets and plans (10772)
  • 9.1.1.3 - Operationalize and implement plans to achieve budget (20135)
  • 9.1.1.4 - Prepare periodic financial forecasts (10773)
  • 9.1.1.5 - Perform variance analysis against forecasts and budgets (20136)