What is global prior in SAP CA-DDF-RT - Demand Data Foundation for Retail?

SAP Term: global prior

• Component: CA-DDF-RT

• Component Name: Demand Data Foundation for Retail

• Description: A prior that is defined globally for all product locations in a client system. In demand modeling and forecasting, the global priors can be used if more specific values are not available such as product-location-specific priors or hierarchical priors.

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• Key Concepts: 
  Global Prior is a feature of the Demand Data Foundation for Retail (CA-DDF-RT) component of SAP. It allows users to define a global prior for a specific item or group of items, which is then used to calculate the forecast for that item or group. The global prior is based on historical sales data and can be adjusted to reflect current market conditions. 
  
  How to use it: 
  To use Global Prior, users must first define the item or group of items they want to forecast. Then, they must select the Global Prior option from the Demand Data Foundation for Retail menu. This will open a window where users can enter the historical sales data and adjust the global prior accordingly. Once the global prior has been set, it will be used to calculate the forecast for that item or group. 
  
  Tips & Tricks: 
  When setting a global prior, it is important to ensure that the historical sales data is accurate and up-to-date. Additionally, users should consider adjusting the global prior periodically to reflect changes in market conditions. 
  
  Related Information: 
  For more information about Global Prior and other features of the Demand Data Foundation for Retail component of SAP, please refer to the official SAP documentation.