Editing Forecasting (section)

==Forecast improvements==
Forecast improvement projects have been operated in a number of sectors: the [[National Hurricane Center]]'s Hurricane Forecast Improvement Project (HFIP) and the Wind Forecast Improvement Project sponsored by the [[US Department of Energy]] are examples.<ref>Department of Energy, [https://www.osti.gov/pages/biblio/1811745 The Wind Forecast Improvement Project (WFIP): A Public–Private Partnership Addressing Wind Energy Forecast Needs], published 30 October 2015, accessed 9 December 2022</ref> In relation to supply chain management, the [[DuPont analysis|Du Pont model]] has been used to show that an increase in forecast accuracy can generate increases in sales and reductions in inventory, operating expenses and commitment of working capital.<ref>Logility, Inc. (2016), [https://www.logility.com/white-papers/beyond-basic-forecasting/ Beyond Basic Forecasting], accessed 9 December 2022</ref> The [[Groceries Code Adjudicator]] in the United Kingdom, which regulates supply chain management practices in the groceries retail industry, has observed that all the retailers who fall within the scope of his regulation "are striving for continuous improvement in forecasting practice and activity in relation to promotions".<ref>Groceries Code Adjudicator, [https://www.gov.uk/government/publications/gca-forecasting-and-promotions-best-practice-statement/gca-best-practice-statementforecasting-and-promotions-including-taking-due-care-when-ordering-for-promotions#gca-statement-of-best-practice-forecasting-and-promotions-including-taking-due-care-when-ordering-for-promotions Best practice statement: Forecasting and promotions], published on 25 June 2018, accessed on 6 November 2024</ref>