Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Refine search results

Journals help

  1. 1 Operations Research and Decisions

Years help

  1. 1 2017

Authors help

  1. 1 CHYBALSKI F.

Results found: 1

first rewind previous Page / 1 next fast forward last

Search results

Search:
in the keywords:  FVA
help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Publication available in full text mode
Content available

Forecast value added (FVA) analysis as a means to improve the efficiency of a forecasting process

100%
CHYBALSKI F.
Operations Research and Decisions
|
2017
|
vol. 27
|
issue 1
5-19
EN
A praxeological approach has been proposed in order to improve a forecasting process through the employment of the forecast value added (FVA) analysis. This may be interpreted as a manifestation of lean management in forecasting. The author discusses the concepts of the effectiveness and efficiency of forecasting. The former, defined in the praxeology as the degree to which goals are achieved, refers to the accuracy of forecasts. The latter reflects the relation between the benefits accruing from the re-sults of forecasting and the costs incurred in this process. Since measuring the benefits accruing from a forecasting is very difficult, a simplification according to which this benefit is a function of the fore-cast accuracy is proposed. This enables evaluating the efficiency of the forecasting process. Since im-proving this process may consist of either reducing forecast error or decreasing costs, FVA analysis, which expresses the concept of lean management, may be applied to reduce the waste accompanying forecasting.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.