SYSTEM AND METHOD FOR UPDATING FORECAST MODEL

A method for updating a forecast model is disclosed. The forecast model includes parameters that receives collected data representing historical dependent and causal data. The collected data are in different units of measure from one another. Based on the collected data, the forecast model is applied to determine a total error value from a calculation performed on the parameters in the forecast model. To update the forecast model, additional parameters are added, existing parameters are modified, or parameters are removed from the forecast model to determine a modified total error value. The modified total error value is then compared to the original total error value. The parameters are also converted to normalized values to be in a common unit of measure to facilitate the application of the forecast model to determine a total error value.