How accurate are GfK Forecasting models?
Definition: Forecasting accuracy is an industry-standard way to represent the closeness of the forecasted figures to the actual outcomes over a specified period.
Context: This metric assesses the reliability of forecasting models by comparing projected data against real-world results, with accuracy expressed as a percentage based on deviation between the forecasted 26 week total and the actual 26 week total.
Example: GfK forecasting models typically achieve an accuracy rate of 90% or higher, indicating a high level of precision in our predictions. To cover data for the last year (MAT), the accuracy measurement is repeated 26 times over a 26-week cycle. The 26 measures are then averaged to result in one overall accuracy measure.
