Successful Workshop on Forecast Performance Measurement and Value Added
The importance and relevance of this topic was clear from the excellent turnout of over one hundred participants.
The speakers were drawn from the USA, Belgium, Germany, Switzerland and the UK, and were able to draw on extensive experience of forecasting performance measurement in practice. Charles Chase from SAS, the keynote speaker, explained that ‘value added’ can be measured by the improvement in forecast accuracy at a number of key stages (eg original forecast, judgmental adjustment, final approval). Charles discussed the impact of the correct model specification including promotions on safety stock, pointing out that significant stock reductions may be achieved.
For the full review and slides of all presentations, visit visit the Lancaster University Management School.