Forecasting Methods and Approaches
For all types of business needs, you will find with Forecast Pro the adequate forecasting models and approaches
As you can see here after, Forecast Pro helps you to create accurate forecasts quickly and easily using statistical forecasting methods that have been proven. Research and Benchmarks have shown that no single method works best for all data. So that’s why Forecast Pro can provide you a complete range of forecasting models and techniques to address all types of business needs.
With Forecast Pro, you can use a large variety of models (time series, causal models, new products models) and you can manage seasonal demand, product promotions, outliers, product hierarchies and more.
Expert Selection takes the guesswork out of forecasting. It analyzes your data, recommends the « best » forecasting model and approach, estimates the model and generates the forecasts.
Twelve different Holt-Winters exponential smoothing models are provided to accommodate an honest range of knowledge characteristics. The robustness of exponential smoothing makes it ideal when there are not any leading indicators, and when the info are too short or volatile for Box–Jenkins. you’ll select the model and set the parameters yourself or let Forecast Pro appear the hay automatically.
For stable data sets, Forecast Pro supports a multiplicative seasonal Box-Jenkins model. The model are often built completely automatically or interactively employing a full range of screen-oriented diagnostics
If there are important leading indicators, use Forecast Pro’s dynamic regression. you’ll include independent variables, lagged or transformed variables and build generalized Cochrane–Orcutt models. Using Forecast Pro’s self–interpreting diagnostics, you’ll build and compare alternative models with a couple of of clicks of the mouse.
Event models extend exponential smoothing by providing adjustments for special actions (promotions, strikes…). you’ll adjust for events of several differing types like promotions of varying sizes or types, or movable holidays like Easter and yuletide. Creating, adjusting and maintaining events is straightforward using Forecast Pro’s intuitive Event Manager.
al different types such as promotions of varying sizes or types, or movable holidays like Easter and Christmas. Creating, adjusting and maintaining events is easy using Forecast Pro’s intuitive Event Manager.
Multiple-level models allow you to aggregate data into groups which may be reconciled employing a top–down or bottom-up approach to supply consistent forecasts within the smallest amount levels of aggregation. Seasonal and event indexes are often extracted from the higher–level aggregates and applied to lower-level data.
Forecast Pro includes several methods for forecasting new products, including forecasting by analogy, item super session and thus the Bass diffusion model.
This could even be a useful technique if you’re forecasting data with quite 12 observations once a year. Seasonal Simplification reduces the number of seasonal indexes wont to model the info and sometimes substantially improves forecast accuracy.
Croston’s intermittent demand model and discrete data models are provided to accommodate low volume and “sparse” data (i.e., data where the demand is usually zero).
Curve fitting provides a fast and straightforward due to identify the overall quite the curve which your data are following. Forecast Pro supports four sorts of curves–straight line, quadratic, exponential and growth (S–curve).
This set of “simple” models are often extremely useful. Moving average, “same as last year,” percentage growth and glued forecast value models are included.Next »
Forecast Pro TRAC V7 integrates Extreme Gradient Boosting (XG Boost) Decision Trees, a Machine Learning technique proven to be best-in-class in forecasting competitions. XG Boost is readily accessible to all Forecast Pro users by leveraging the same AI-driven algorithm that powers Expert Selection to select and train the XG Boost models..