BIAS Indicator
BIAS Indicator
Include BIAS measurement in your tool with this plugin. 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.
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:
08/2023Tags:
Clarity and consistency
Ensures that all teams work in a coordinated and simultaneous manner within the same task, recording individual progress.
Overview of task status
Allows the S&OP coordinator and closeout manager to have an overview of the status of a task with multiple participants.
Reduces the risk of errors
Prevents tasks from being marked as “completed” without all members validating their completion.Start with Imperia and go one step further in optimising your tool.
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Start optimising your processes with Imperia.BIAS Indicator
Activate the BIAS indicator to detect overestimations or underestimations of actual demand values.
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