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What data does IS2 use to determine and improve Forecast Accuracy?
InsightSquared pulls the data from your forecast submissions for forecast reporting. For IS2 to have this data to pull, be sure you have forecasts entered into Forecast Submission.
Forecast Percent Error Properties
Forecast Percent Error properties show the percentage difference, or the calculated percent difference of how far off your bookings were from a forecast.
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First Forecast Percent Error: calculates how far final bookings were from the first forecasted amount*
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Last Forecast Percent Error: calculates how far from final bookings were from the forecasted amount*
Percent of First/Last Forecasted Booked properties
Percent of First/Last Forecasted Booked show if bookings were higher or lower than what was forecasted, and by how much. These are great tools to use when inspecting high percentage forecast errors (inaccurate forecasts) to determine where improvement is necessary.
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Percent of First Forecast Booked: calculates how much of the first forecast was booked
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Percent of Last Forecast Booked: calculates how much of the last forecast was booked
Out of the Box Forecast Accuracy Reports & Dashboards
You can find out-of-the-box forecast accuracy reports & dashboards by clicking Reports or Dashboards respectively in the left nav, then click Library, then expand the Forecast Accuracy tag in the list.
Check out our Forecast Accuracy Dashboard Guide for a look at what these forecast accuracy reports can provide, then add the forecast accuracy dashboard to your arsenal!
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