An Overview of Forecasting Error Among International Manufacturers‪.‬

ABSTRACT This article summarizes the most recent survey results in regard to forecasting practices and forecasting error of sales for Global Manufacturing Research Group (GMRG) participants. GMRG includes over 200 manufacturing companies from Hungary, Lebanon, Italy, Taiwan, and the United States. Participants in GMRG reported average forecast errors for sales of around 20%. A number of findings concerning use of forecasts, methods of forecasting, factors considered in the sales forecast, primary authority for the forecast, and variation in forecasting error by country are detailed. The practices of GMRG participants may be of interest to forecasters in like-minded companies.