Percentage error for the inventory cost forecast

This measure calculates the inventory cost forecasting percentage error. It is calculated as the absolute value of ((Projected – Actual inventory cost) / Actual inventory cost) * 100.

Benchmark Data

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Measure Category:
Process Efficiency
Measure ID:
101760
Total Sample Size:
2,804 All Companies
Performers:
25th
-
Median
-
75th
-
Key Performance
Indicator:
No

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Compute this Measure

Units for this measure are percent.

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Percentage error for the inventory cost forecast

Key Terms

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Process efficiency

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.

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)