The difference between the forecast and actual demand for a given period is described by what term?
A)Forecast error
B)Real demand
C)Forecast demand
D)Bias error
E)Random error

Question

Quizplus · Accepted Answer

The difference between the forecast and actual demand is known as the forecast error. It is an important metric in demand forecasting as it helps in measuring the accuracy of the forecast and identifying areas where improvements can be made.

The Difference Between the Forecast and Actual Demand for a Given