In this installment of Tips & Tricks we detail one of the many reports available in Forecast Pro TRAC–the Actual vs. Archive report. This important report allows you to track your forecasts’ accuracy by comparing them to what actually occurred. Tracking accuracy provides several benefits such as: information that enables you to improve forecast performance; insight into expected performance; and the ability to spot problems early on.
Forecast Pro TRAC provides a wide array of exception reports, including reports which monitor your archived forecasts (i.e., previously created and saved forecasts) and reports which monitor your current forecasts (i.e., the forecasts you are working with but haven’t yet finalized). Exception reports enable you to quickly find cases where key performance metrics have fallen outside of an acceptable range. In this installment of Forecast Pro Tips & Tricks we look at the Forecasts vs. History Exception Report which monitors current forecasts.
Forecast Pro TRAC provides a wide array of exception reports, including reports which monitor your archived forecasts (i.e., previously created and saved forecasts) and reports which monitor your current forecasts (i.e., the forecasts you are working on but haven’t yet finalized). Exception reports enable you to quickly find cases where your forecast error or some other performance metric has fallen outside of an acceptable range. In this article we explain in detail how to create the Waterfall Exception Report to monitor forecast accuracy.
Human review of a statistically-generated forecast is an important step in the forecast process. Ideally, every statistical forecast should be inspected for plausibility. At times, the sheer volume of the forecasts being generated precludes exhaustive individual inspection. In these instances, exception reports are an effective tool to help you sift through the forecasts and focus on the items where human attention is most needed.
The recording of our recent educational one-hour Webinar is now available for viewing on-demand
Learn about helpful tools that make it easier for you to focus on the specific items that need your attention:
- Outlier detection for highlighting anomalies in historic data.
- Exception reports for identifying problems in the forecasts.
- Item reports for quickly defining and reviewing subsets of your data.
- Filtering & ABC Categorization (Pareto Analysis) for classifying items, allowing you to focus on the items that have the greatest impact on your bottom line.
You can register now for our next live Webinar Integrating Statistical Forecasts with Other Input to Create a Demand Plan for S&OP