Monthly BIAS report
Monthly BIAS report
Thanks to this plugin you will have access to a BIAS evolution report. The calculation of BIAS in demand planning is essential to understand how forecasts deviate from reality. While SMAPE (Symmetric Mean Absolute Percentage Error) and DFA (Damped Trend Forecasting Accuracy) are also measures of accuracy offered by the tool, BIAS focuses specifically on the overall tendency of the forecast to overestimate or underestimate demand.
Unlike SMAPE, which assesses relative error regardless of the direction of variance, BIAS provides valuable information on the consistency and direction of forecast bias. Integrating the BIAS calculation along with SMAPE in the assessment of forecast accuracy provides a holistic and complete view of forecast performance.
This allows demand planners to understand not only the absolute level of error, but also the direction and consistency of variances, which in turn facilitates the identification of areas for improvement in the planning process.
Unlike SMAPE, which assesses relative error regardless of the direction of variance, BIAS provides valuable information on the consistency and direction of forecast bias. Integrating the BIAS calculation along with SMAPE in the assessment of forecast accuracy provides a holistic and complete view of forecast performance.
This allows demand planners to understand not only the absolute level of error, but also the direction and consistency of variances, which in turn facilitates the identification of areas for improvement in the planning process.
Technical specifications
Version:
1.0Last update:
11/2023Tags:
Reporting
Include this indicator in the most relevant reports offered by the tool, as well as in the control tower, to have a quick overview of those products that need more attention.Continuous improvement
Facilitates a continuous improvement process by providing feedback on forecast accuracy.Deviation identification
Identifies whether forecasts are consistently trending away from actual demand.Start with Imperia and go one step further in optimising your tool.
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Start optimising your processes with Imperia.Monthly BIAS report
Activate the BIAS report to analyze monthly forecasting deviations, indicating whether there is a tendency to overestimate or underestimate actual demand values.
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