A system and method perform calibration of a forecast model for resource allocation. The method includes receiving inputs to the forecast model derived from historical data for a period of time, and executing the forecast model to obtain one or more forecast levels for each interval within the period of time, the forecast level corresponding with a quantified forecast of a forecast parameter that is forecast by the forecast model for the interval. Obtaining an actual level for each interval within the period of time according to the historical data is followed by comparing the one or more forecast levels with the actual level for the period of time according to a metric to adjust a mapping within the forecast model between values of the quantified forecast and the forecast levels based on the comparing to obtain a calibrated forecast model. The calibrated forecast model is used for resource allocation.