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Reducing Bias in Hierarchical Forecasting

Advances in Business and Management Forecasting

ISBN: 978-1-78441-209-8

ISSN: 1477-4070

Publication date: 12 November 2014

Abstract

This paper presents a mathematical programming model to reduce bias for both aggregate demand forecasts and lower echelon forecasts comprising a hierarchical forecasting system. Demand data from an actual service operation are used to illustrate the model and compare its accuracy with a standard approach for hierarchical forecasting. Results show that the proposed methodology outperforms the standard approach.

Keywords

Citation

Utley, J. (2014), "Reducing Bias in Hierarchical Forecasting", Advances in Business and Management Forecasting (Advances in Business and Management Forecasting, Vol. 10), Emerald Group Publishing Limited, Bingley, pp. 131-141. https://doi.org/10.1108/S1477-407020140000010019

Publisher

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Emerald Group Publishing Limited

Copyright © 2014 Emerald Group Publishing Limited