Operations Research, Systems Engineering and Industrial Engineering Commons^™

Evaluating Forecasting Methods By Considering Different Accuracy Measures, Nijat Mehdiyev, David Lee Enke, Peter Fettke, Peter Loos

Engineering Management and Systems Engineering Faculty Research & Creative Works

Choosing the appropriate forecasting technique to employ is a challenging issue and requires a comprehensive analysis of empirical results. Recent research findings reveal that the performance evaluation of forecasting models depends on the accuracy measures adopted. Some methods indicate superior performance when error based metrics are used, while others perform better when precision values are adopted as accuracy measures. As scholars tend to use a smaller subset of accuracy metrics to assess the performance of forecasting models, there is a need for a concept of multiple accuracy dimensions to assure the robustness of evaluation. Therefore, the main purpose of this …