Beyond Error Measures to the Utility and Cost of the Forecasts
Thank you for your interest in Foresight. We hope you enjoy this article from our 2021, Q4 issue
Elizabeth Yardley and Fotios Petropoulos criticize the exclusive use of forecast error metrics to evaluate forecast methods and recommend focus on forecast value, which accounts as well for method computation costs and how the forecasts will be used to support decision making.
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