Forecast Errors: How Much Have We Improved?

Although, despite our best efforts, we have failed to improve forecasts over the last 10 years, things would have been worse had we not done anything about them. With the advancements in technology, increased collaboration both within and outside the organization, and improvement in modeling algorithms, forecasts will get better in the future. Among all the industries in the United States, the industry that made a tangible improvement is Industrial Products. CHAMAN L. JAIN | Dr. Jain is Professor of Economics at St. John s University. He is widely published; his new book, Fundamentals of Demand Planning and Forecasting, will be out this year. In a consulting capacity, he has worked for a number of organizations including Brown and Williamson, Hewlett Packard, Union Fidelity Life Insurance Company, Prince Manufacturing, and CECO Doors. He has conducted workshops on business forecasting and planning for various organizations including Sweetheart Cup, Eastman Kodak, Jockey International as well as SABIC, Saudi Arabia, and Saudi Aramco (Saudi Arabia), DU-Emirates Integrated Telecommunications Co. Dubai (U.A.E), and Symbios Consulting Group (Egypt). He is the recipient of 1994 award of ...