term coefficient theil help what is
Meaning of Theil coefficient. What is it: model used compared with the primitive forecast. The.

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Definition Theil coefficient

THEIL COEFFICIENT title: Theil coefficient (PP-MP) (SAP Library - Glossary)
THEIL COEFFICIENT category: Production Planning (PP-MP)
THEIL COEFFICIENT explained:

A measurement that indicates the quality of the forecast model used compared with the "primitive forecast."

The primitive forecast uses the last historical value for the forecast value.

The Theil coefficient is:

1 if the forecast model selected is of the same quality as the "primitive model" less than 1 if the forecast model selected is better than the "primitive model" greater than 1 if the forecast model selected is not as good as the "primitive model"

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