What is group of forecast error measures in SAP SCM-IBP-DM - Demand?

SAP Term: group of forecast error measures

• Component: SCM-IBP-DM

• Component Name: Demand

• Description: A user-defined set of forecast error measures that are to be calculated with exactly the same settings, for example, with the same input key figures and the same time settings.

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• Key Concepts: 
  Group of forecast error measures is a set of metrics used to measure the accuracy of a demand forecasting model. These measures are used to compare different forecasting models and determine which one is the most accurate. The most commonly used measures are mean absolute error (MAE), mean squared error (MSE), and root mean squared error (RMSE). 
  
  How to use it: 
  In SAP's SCM-IBP-DM Demand Forecasting component, group of forecast error measures can be used to evaluate the accuracy of a demand forecasting model. To do this, the user must first select the desired forecasting model and then run the model on a set of historical data. Once the model has been run, the user can then view the results of the model in terms of the group of forecast error measures. 
  
  Tips & Tricks: 
  When evaluating a demand forecasting model, it is important to consider not only the group of forecast error measures but also other factors such as how well the model fits the data and how well it captures seasonality. Additionally, it is important to consider how well the model performs on out-of-sample data, as this will give an indication of how well it will perform in real-world scenarios. 
  
  Related Information: 
  For more information on group of forecast error measures and other metrics used to evaluate demand forecasting models, please refer to SAP's SCM-IBP-DM Demand Forecasting documentation. Additionally, there are many online resources available that provide further information on this topic.