Selecting optimum primary and secondary parameters to calibrate and generate an unbiased forecasting model

Abstract

A device may receive demand data associated with a product or a service, multiple forecasting models, and multiple cost functions, and may identify primary parameters for the multiple models based on the demand data. The device may utilize a model to rank the multiple forecasting models and the multiple cost functions based on the primary parameters, and may select optimum primary parameters based on ranking the multiple forecasting models and the multiple cost functions. The device may identify secondary parameters for the multiple forecasting models based on the demand data and the optimum primary parameters. The device may select optimum secondary parameters based on ranking the multiple forecasting models and the multiple cost functions, and may select a forecasting model, from the multiple forecasting models, based on the optimum primary parameters and the optimum secondary parameters. The device may perform one or more actions based on selecting the forecasting model.