Percentage Forecasting Error: A New Forecasting Performance Measure – How Accurate is it?

Advances in Business and Management Forecasting

ISBN: 978-0-85724-959-3, eISBN: 978-0-85724-960-9

ISSN: 1477-4070

Publication date: 14 November 2011

Abstract

The accuracy of forecasts has a critical impact on an organization. A new, practical, and meaningful forecast performance measure, percentage forecasting error (PFE), was introduced by the authors in an earlier publication. In this chapter, we examined the accuracy of the PFE under several different scenarios and found the results to indicate that PFE offers forecasters an accurate and practical alternative to assess forecast accuracy.

Citation

Klimberg, R.K., Sillup, G.P. and Boyle, K. (2011), "Percentage Forecasting Error: A New Forecasting Performance Measure – How Accurate is it?", Lawrence, K.D. and Klimberg, R.K. (Ed.) Advances in Business and Management Forecasting (Advances in Business and Management Forecasting, Vol. 8), Emerald Group Publishing Limited, Bingley, pp. 199-208. https://doi.org/10.1108/S1477-4070(2011)0000008016

Publisher

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Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited

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