What is forecast model selection in SAP PP-MP - Production Planning?

SAP Term: forecast model selection

• Component: PP-MP

• Component Name: Production Planning

• Description: An automatic or manual specification of the forecast model that the system uses to calculate forecast values. The term is a synonym for automatic model selection.

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• Key Concepts: 
  Forecast Model Selection is a component of SAP Production Planning - Material Requirements Planning (PP-MP). It is used to select the most appropriate forecasting model for a given material. The selection is based on the material's historical data and the user's preferences. The selected model can then be used to generate accurate forecasts for the material. 
  
  How to use it: 
  To use Forecast Model Selection, the user must first enter the material's historical data into the system. This data should include sales figures, inventory levels, and other relevant information. Once this data is entered, the user can select a forecasting model from a list of available models. The system will then analyze the data and suggest the most appropriate model for the material. 
  
  Tips & Tricks: 
  When selecting a forecasting model, it is important to consider both accuracy and ease of use. Some models may be more accurate than others, but they may also be more difficult to use. It is important to find a balance between accuracy and usability when selecting a forecasting model. 
  
  Related Information: 
  Forecast Model Selection is just one component of SAP Production Planning - Material Requirements Planning (PP-MP). Other components include Demand Management, Capacity Planning, and Material Requirements Planning. All of these components work together to ensure that materials are available when needed and that production runs smoothly.