Forecast Accuracy

Forecast accuracy refers to how closely a predicted outcome matches the actual outcome. It measures the reliability of predictions in various fields, such as weather forecasting, economics, or sales projections. High forecast accuracy means the predictions are trustworthy and useful for decision-making. For instance, if a weather forecast predicts rain on a specific day and it actually rains, that prediction is considered accurate. Businesses and organizations rely on accurate forecasts to plan effectively, allocate resources, and make informed choices that can significantly impact their success.