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Improving Accuracy Value Added through Forecast Analysis
Every forecasting professional knows that there are no “perfect” forecasts, but there is a way to see if you are getting it right. There is a better way to measure what forecasting can be expected to achieve and what it might take to achieve it. By utilizing forecast value added (FVA) analysis, one can determine the effectiveness of an organization’s forecasting efforts and help streamline its forecasting process. In this article, I will discuss FVA as a forecasting key performance metric, and explain how it can help organizations and forecasting professionals meet the primary objective: to improve forecast accuracy, while adding value to the process and the organization.