Forecast Variance Calculator

What is Forecast Variance?

Forecast variance is a measure used to assess the accuracy of a forecast by comparing the forecasted values to the actual values. It represents the difference between what was predicted and what actually occurred. A positive variance indicates that the actual value was higher than the forecasted value, while a negative variance indicates that the actual value was lower than the forecasted value. Forecast variance is commonly used in various fields such as finance, supply chain management, and project management to evaluate the performance of forecasting models and make necessary adjustments for future predictions.