This is the eighth webinar in Season 2 of “Friday Forecasting Talks”, hosted by Centre for Marketing Analytics and Forecasting of Lancaster University, UK.
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— Contents of this video ————————–
00:00 – Introduction
02:15 – Start of presentation
04:28 – Forecasting accuracy analogies
08:10 – How to translate accuracy in economic benefit?
17:25 – Correlation between accuracy and costs
20:12 – From forecasts to costs
29:47 – Implications for a forecast team
37:20 – Discussion with John Boylan
50:44 – Comment from Robert Fildes
55:00 – Q&A
Speaker: Johann Robette
The abstract: The abstract: Like any other business activity, forecasting must monitor, demonstrate and defend its performance. What is its actual added value to the business?
In this webinar, Johann shared some empirical results obtained using the M5 competition data set, discussing the following points:
– Why is assessing the real added value of a forecast so important?
– Does improving the accuracy of a forecast necessarily lead to better decisions?
– How can the quality of a forecast be assessed from a business perspective?
– Where is it worthwhile to improve a forecast and where is it a waste of time and energy?
– What exciting new perspectives do cost-oriented metrics and digital twins open up?
Bio: Johann is Customer Success Manager at Vekia, an innovative French-based SaaS software company he joined in 2009. Passionate about Supply Chain optimisation, Johann has also developed a strong interest in business issues (graduated from Stanford SPCD in 2015). As such, he has taken on various business-oriented roles at Vekia and now looks after a portfolio of key accounts, including Fortune 500 companies. In addition, he actively supports supply chain courses in several French universities and volunteers in an educational and charitable organisation.
Discussant: John Boylan