8 Forecasting metrics
Why is forecasting metrics important for practitioners and businesses? Because insightful metrics provide valuable (and actionable!) feedback on what can be done to improve both the forecast and overall business performance. Simply put, you can only improve what you can measure. So, choosing the right metrics should be the first step of any improvement journey.
Unfortunately, many practitioners struggle to decide which forecasting metrics to utilize. Or do not understand or use them properly. Choosing the best metric(s) to assess the quality of a forecasting process (or model) is anything but straightforward. And it will ...
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