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forecast accuracy
Why is Forecast Accuracy Important?
The importance of forecast accuracy cannot be overstated. High accuracy in forecasts can lead to:
Better
decision-making
Optimal
resource allocation
Improved
customer service
Enhanced
profitability
Conversely, poor forecast accuracy can result in overproduction, stockouts, and missed opportunities, ultimately affecting a company's bottom line.
Frequently asked queries:
What is Forecast Accuracy?
Why is Forecast Accuracy Important?
How is Forecast Accuracy Measured?
What Factors Affect Forecast Accuracy?
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