Published 8/2024
MP4 | Video: h264, 1920×1080 | Audio: AAC, 44.1 KHz
Language: English | Size: 272.39 MB | Duration: 0h 39m
How to use forecasting metrics to evaluate forecasts?
What you’ll learn
How to compute RMSE, MAE, MAPE, WMAPE, and Bias
Pros and Cons of each forecasting metric
Which forecasting metric(s) to use when evaluating the quality of a forecast
Evaluate the quality of a forecast using relevant KPIs
Why MAPE is the worst forecasting KPI and what to do instead
Requirements
Excel basics
Description
This course will teach you how to use various forecasting metrics (Bias, MAE, MAPE, WMPAE, and RMSE) to select the best demand forecast. The end goal is that you can (as a demand planner or S&OP leader) automatically assess the quality of forecasts at scale – even if you have a wide product portfolio (including intermittency and products with different prices).Specifically, you will learn:The pros and cons of Bias, MAE, MAPE, and RMSE,How they react to intermittent demand and outliers,Why MAPE is the worst forecasting KPI, Which metric(s) to use to balance accuracy and bias. How to use value-weighted KPIs to assess the quality of your forecasts, even if you deal with various products with different prices.This course alternates theory with Do-It-Yourself exercises in Excel. You will learn by doing and gain hands-on experience with practical examples and case studies. You will be able to apply these concepts (and use the Excel templates) directly to your work environment for immediate impact.This course’s content is based on my books (Data Science for Supply Chain Forecasting and Demand Forecasting Best Practices) and the content of the training course I teach to professionals and university students.The course only requires limited experience with Excel (such as using usual formulas such as average and sum).
Overview
Section 1: Introduction
Lecture 1 Introduction
Section 2: How to Compute Forecasting Metrics
Lecture 2 Bias vs. Accuracy
Lecture 3 Choosing the Best Forecast
Lecture 4 Bias
Lecture 5 MAE
Lecture 6 MAPE
Lecture 7 Playing with MAPE
Lecture 8 RMSE
Lecture 9 WMAPE vs. MAE%
Section 3: Selecting the Best Forecasting Metric
Lecture 10 Select the Best Forecast using Metrics
Lecture 11 Select the Best Metric(s)
Section 4: Value Weighted Metrics
Lecture 12 Value-Weighted Metrics
Section 5: Outro
Lecture 13 Debrief
Demand and supply planners,S&OP managers and leaders,Supply chain practitioners in general
rapidgator.net/file/423ecdf81f98ad9096d90abc10fb6592/Demand_Forecasting_KPIs_for_Supply_Chain_Planning.rar.html
