term method forecasting help what is
Meaning of forecasting method. What is it: algorithms. A forecasting technique is a specific type.

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Definition forecasting method

FORECASTING METHOD title: forecasting method (SCM-APO-FCS) (SAP Library - Glossary)
FORECASTING METHOD category: Demand Planning (SCM-APO-FCS)
FORECASTING METHOD explained:

A forecasting method is a category (or specific group) of algorithms. A forecasting technique is a specific type of algorithm used to address a certain data condition. A a forecasting model is the final application of the technique.

For example, there are several Winters methods (for example, additive and multiplicative) that can be applied using a particular technique (for example, linear or damped trend). When you choose a Winters method and apply the technique to a particular item's sales history you've created a model. Multiple linear regression (MLR) is a method that utilizes several different techniques (ordinary least squares - OLS, general least squares - GLS, robust regression). When you choose one of those techniques and apply it to the sales history of an item, you've created a model.

Each model and application of the technique can be different based on the situation, purpose, and/or data configuration.

More terms such as forecasting method in Dictionary F.

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