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- Title
Commentary: Apologia pro Forecast Value Added.
- Authors
GUSAKOV, IGOR
- Abstract
This article, titled "Commentary: Apologia pro Forecast Value Added," discusses the concept of Forecast Value Added (FVA) and addresses two concerns raised by Conor Doherty. The first concern is that the overrides evaluated by FVA are indistinguishable from chance, and the second concern is that FVA overestimates the value of forecast accuracy. The author argues that forecast accuracy is important and provides a hypothetical example to illustrate its value. The article also explains how FVA can be applied to the demand-planning process and highlights the importance of making "final" forecasts. The author shares a successful application of FVA in a large CPG company, where it helped identify biased forecasts and improve accuracy. The conclusion emphasizes the significance of forecast accuracy and the need for careful consideration when applying FVA.
- Subjects
FORECASTING; MARKETING forecasting
- Publication
Foresight: The International Journal of Applied Forecasting, 2024, Issue 73, p28
- ISSN
1555-9068
- Publication type
Article