Currently, we have 3 forecast accuracy targets. For intervals with very low volume which are from 0000H-0730H interval, our target is 60%. For intervals with high-volume which are from 0800H-1730H, target is 80%, and from 1800H-2330H interval which have mid-volume, target is 70%. Low-volume intervals have 0-5 calls, for high-volume intervals we have over a hundred calls, and for mid-volume it is somewhere in between. What can you say with this set-up? Is our forecast accuracy target okay?
To add, we measure our forecast accuracy per interval and per day. Wherein our target per interval is 80% which means, we need to hit the per interval targets 80% of the time. For the daily it's 90%. We compute it as the overall volume of all the intervals versus the overall forecast for the day.
We follow the formula 1-ABS(Forecast-Actual)/Actual * 100
Are the parameters too strict? Or too linient? Or just okay?
To add, we measure our forecast accuracy per interval and per day. Wherein our target per interval is 80% which means, we need to hit the per interval targets 80% of the time. For the daily it's 90%. We compute it as the overall volume of all the intervals versus the overall forecast for the day.
We follow the formula 1-ABS(Forecast-Actual)/Actual * 100
Are the parameters too strict? Or too linient? Or just okay?
Want to add a comment?