The Forecasts module is great for creating all kinds of forecasts, based on your historic data, while also being able to take special events into account and making use of bottom-up forecasting.
Step-by-Step Instructions for creating a Forecast
- To create a new Forecast go to the Forecasts overview and click on the Add button
- Give the Forecast a name and optionally a description
- Write the SQL query for which you want to make the Forecast. Note that the first column must be the dates for the corresponding values and must be of type date. Also, the interval of the dates should be consistent.
- You can use as many value columns as you wish.
- Then run the SQL query.
- Go to the Settings tab and select the interval for the Forecast (this should be the same interval used in your query, in order to calculate a proper growth rate).
Note: If you select Monthly as the interval, the Forecasted dates will all be the first day of the month.
- Then select the date until which the Forecast should be created.
- To create the Forecast click on Save and predict Forecast. This will calculate the average growth rate of the values given in the SQL query and create the Forecast based on them.
- If you want, you can change the growth rate for creating the Forecast prediction. Click the Save and predict Forecast again to predict the Forecast based on that growth rate
- For multiple value columns only:
You can choose whether you want to create an aggregation line, which is based on the value columns. This line will be automatically adapted based on the values and the selected aggregation type. This will e.g. allow you to do a bottom-up Forecast, such as having one line per country, where each line represents that countries revenue and all those lines aggregated as a sum represent the total forecasted revenue
- You can then go to the Adapt Forecast Values tab in order to adapt each Forecast value individually. This can be either done by dragging the line or changing the value in the table below.
Note: Those individual adaptations will be preserved if you change the growth rate later and create another prediction
- Then save the Forecast by clicking Submit and close
You can also create a Forecast with multiple value column in order to predict a worst-case Forecast, best-case Forecast and expceted Forecast.