An LAV Methodology For Forecast Combination In Services Forecasting
نویسنده
چکیده
A number of previous studies have shown that a combination of forecasts typically outperforms any component forecast. Service managers may wish to use forecast combination to improve forecast accuracy in predicting retail sales. In this study, revenue data from an actual service company is used to generate and test a least absolute value (LAV) regression model for forecast combination. The LAV forecast, developed by the authors, is determined by minimizing weighted deviations from the component forecasts. The accuracy of this approach is compared to the accuracy of some traditional methods. Track: Service Operations Management
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