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?