Improving Demand Forecasting
|
|
- Annabella Fox
- 8 years ago
- Views:
Transcription
1 Improving Demand Forecasting 2 nd July 2013 John Tansley - CACI
2 Overview The ideal forecasting process: Efficiency, transparency, accuracy Managing and understanding uncertainty: Limits to forecast accuracy, including the Poisson limit The Forecast Value Add approach: From simple to more complex models Types of forecasting model: Econometric, quantitative, and combined Types of quantitative models: Time series, explanatory, combined Case study 1: Improved call volume forecasting for financial services debt management Case study 2: 30 year water demand forecasting 2
3 The ideal forecasting process Goal of forecasting process: Provide the best possible forecast, given the information available Best means: Efficiency: Automate data feeds as much as possible Transparency: Understandable (avoiding black box or overly complicated Excel) Accuracy: Self explanatory! Also provide estimates of forecast accuracy if possible 3
4 Managing and understanding uncertainty Best possible accuracy is outside the control of the analyst Factors that affect accuracy: Lack of all necessary information: Only have access to limited data Problem changes rapidly over time Inaccuracies in known information: Inaccurate data Incorrect mental model of the business problem Fundamental limits to accuracy Poisson noise 4
5 Poisson accuracy limit When forecasting counts, there is a fundamental limit of achievable accuracy the Poisson limit 100 calls in a 10h day - equally spaced Call 08:00:00 09:00:00 10:00:00 11:00:00 12:00:00 13:00:00 14:00:00 15:00:00 16:00:00 17:00:00 18:00: calls in a 10h day - random Call 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 5
6 Poisson accuracy limit When forecasting counts, there is a fundamental limit of achievable accuracy the Poisson limit 1000 calls in a 10h day Call 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18: Calls per hour :00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 6
7 Poisson accuracy limit Demand in a particular time period or location is generally distributed according to a universal distribution the Poisson distribution. The spread of this distribution is around the square root of the demand volume Demand Mean Spread Spread (%) % % % % % Understanding this limit helps to Set reasonable accuracy expectations Prioritise where analysts should spend their time 7
8 The Forecast Value Add approach Start simple Additional complexity is only worth it if it increases accuracy Can measure by how much each incremental step improves the forecast No point adding complexity if forecast error increases Error Forecast error versus model complexity Error Best model Best model Naïve model performance Poisson limit performance Model complexity 8
9 Types of forecasting models Econometric Models Manually built models Small datasets (if any) Manual setup Based on business knowledge Bayesian Econometric Models Manual model structure Model parameters set from user constraints and data Based on both business knowledge and data Quantitative Models Automatic models Larger datasets Little user control over parameters Based on data Examples: Regression, Decision Trees Knowledge Data 9
10 Types of quantitative models Time. input1 input2 input3 Target explanatory Regression, Decision Trees, Neural Networks Use drivers, add insights time series Weekly profile, moving average, ARIMA, Exponential smoothing, Good for trends 4 combined ARIMA with drivers, Decomposition Forecasting More powerful, but more complex 10
11 Case study 1 Improving the forecasting process Improved call volume forecasting for the debt management function CFS were creating forecasts in large Excel sheets, populated manually CFS had a desire to improve process, and remove single man dependency Solution: Software: statistical forecasting models Automation of data feeds Results: Reduced single man dependency Immediately showed increased speed (from 2.5 to 1 day) and transparency Over time, increased insight, increased accuracy (from 60% to 70% of days within target) 11
12 Case study 2 Long term demand forecasting 30 year water demand forecasting for a large water board Yearly forecasts across geographical areas, and business sectors A few years worth of demand, economic and weather data Approach: Bayesian Econometric Models Allows the model structure to be set by the user Model parameter estimates are set by the user Model parameters are then calibrated on existing data Result: Forecasts that combine the best business knowledge and the data Parameters can be set by the user if needed, or dictated solely by the data 12
13 Wrap-up A large number of techniques are currently available for forecasting, the key is choosing right technique for right problem A good forecasting approach should add insight as well as accuracy Forecast Value Add approach: keep it as simple as possible Key is to keep on top of models keep them understandable and easy to update A good forecast sets the foundation for good planning 13
14
Auto Days 2011 Predictive Analytics in Auto Finance
Auto Days 2011 Predictive Analytics in Auto Finance Vick Panwar SAS Risk Practice Copyright 2010 SAS Institute Inc. All rights reserved. Agenda Introduction Changing Risk Landscape - Key Drivers and Challenges
More informationCh.3 Demand Forecasting.
Part 3 : Acquisition & Production Support. Ch.3 Demand Forecasting. Edited by Dr. Seung Hyun Lee (Ph.D., CPL) IEMS Research Center, E-mail : lkangsan@iems.co.kr Demand Forecasting. Definition. An estimate
More informationIntroduction to Time Series Analysis and Forecasting. 2nd Edition. Wiley Series in Probability and Statistics
Brochure More information from http://www.researchandmarkets.com/reports/3024948/ Introduction to Time Series Analysis and Forecasting. 2nd Edition. Wiley Series in Probability and Statistics Description:
More informationCross Validation. Dr. Thomas Jensen Expedia.com
Cross Validation Dr. Thomas Jensen Expedia.com About Me PhD from ETH Used to be a statistician at Link, now Senior Business Analyst at Expedia Manage a database with 720,000 Hotels that are not on contract
More informationData Mining for Business Intelligence. Concepts, Techniques, and Applications in Microsoft Office Excel with XLMiner. 2nd Edition
Brochure More information from http://www.researchandmarkets.com/reports/2170926/ Data Mining for Business Intelligence. Concepts, Techniques, and Applications in Microsoft Office Excel with XLMiner. 2nd
More informationData Mining Practical Machine Learning Tools and Techniques
Ensemble learning Data Mining Practical Machine Learning Tools and Techniques Slides for Chapter 8 of Data Mining by I. H. Witten, E. Frank and M. A. Hall Combining multiple models Bagging The basic idea
More informationExponential Smoothing with Trend. As we move toward medium-range forecasts, trend becomes more important.
Exponential Smoothing with Trend As we move toward medium-range forecasts, trend becomes more important. Incorporating a trend component into exponentially smoothed forecasts is called double exponential
More informationForecasting the first step in planning. Estimating the future demand for products and services and the necessary resources to produce these outputs
PRODUCTION PLANNING AND CONTROL CHAPTER 2: FORECASTING Forecasting the first step in planning. Estimating the future demand for products and services and the necessary resources to produce these outputs
More informationTHE PREDICTIVE MODELLING PROCESS
THE PREDICTIVE MODELLING PROCESS Models are used extensively in business and have an important role to play in sound decision making. This paper is intended for people who need to understand the process
More informationMGT 267 PROJECT. Forecasting the United States Retail Sales of the Pharmacies and Drug Stores. Done by: Shunwei Wang & Mohammad Zainal
MGT 267 PROJECT Forecasting the United States Retail Sales of the Pharmacies and Drug Stores Done by: Shunwei Wang & Mohammad Zainal Dec. 2002 The retail sale (Million) ABSTRACT The present study aims
More informationSINGULAR SPECTRUM ANALYSIS HYBRID FORECASTING METHODS WITH APPLICATION TO AIR TRANSPORT DEMAND
SINGULAR SPECTRUM ANALYSIS HYBRID FORECASTING METHODS WITH APPLICATION TO AIR TRANSPORT DEMAND K. Adjenughwure, Delft University of Technology, Transport Institute, Ph.D. candidate V. Balopoulos, Democritus
More informationIntroduction to Financial Models for Management and Planning
CHAPMAN &HALL/CRC FINANCE SERIES Introduction to Financial Models for Management and Planning James R. Morris University of Colorado, Denver U. S. A. John P. Daley University of Colorado, Denver U. S.
More informationSection A. Index. Section A. Planning, Budgeting and Forecasting Section A.2 Forecasting techniques... 1. Page 1 of 11. EduPristine CMA - Part I
Index Section A. Planning, Budgeting and Forecasting Section A.2 Forecasting techniques... 1 EduPristine CMA - Part I Page 1 of 11 Section A. Planning, Budgeting and Forecasting Section A.2 Forecasting
More informationData Mining + Business Intelligence. Integration, Design and Implementation
Data Mining + Business Intelligence Integration, Design and Implementation ABOUT ME Vijay Kotu Data, Business, Technology, Statistics BUSINESS INTELLIGENCE - Result Making data accessible Wider distribution
More informationThe Graduate School. Public Administration
602 STRATEGIC PLANNING AND ORGANIZATIONAL CHANGE IN THE PUBLIC AND NONPROFIT SECTORS. (3) This course focuses on the potential for change and future directions for public and nonprofit organizations. It
More informationThe Total Economic Impact Of SAS Customer Intelligence Solutions Intelligent Advertising For Publishers
A Forrester Total Economic Impact Study Commissioned By SAS Project Director: Dean Davison February 2014 The Total Economic Impact Of SAS Customer Intelligence Solutions Intelligent Advertising For Publishers
More informationForecasting Tourism Demand: Methods and Strategies. By D. C. Frechtling Oxford, UK: Butterworth Heinemann 2001
Forecasting Tourism Demand: Methods and Strategies By D. C. Frechtling Oxford, UK: Butterworth Heinemann 2001 Table of Contents List of Tables List of Figures Preface Acknowledgments i 1 Introduction 1
More information16 : Demand Forecasting
16 : Demand Forecasting 1 Session Outline Demand Forecasting Subjective methods can be used only when past data is not available. When past data is available, it is advisable that firms should use statistical
More informationAutomating FP&A Analytics Using SAP Visual Intelligence and Predictive Analysis
September 9 11, 2013 Anaheim, California Automating FP&A Analytics Using SAP Visual Intelligence and Predictive Analysis Varun Kumar Learning Points Create management insight tool using SAP Visual Intelligence
More informationCombining Linear and Non-Linear Modeling Techniques: EMB America. Getting the Best of Two Worlds
Combining Linear and Non-Linear Modeling Techniques: Getting the Best of Two Worlds Outline Who is EMB? Insurance industry predictive modeling applications EMBLEM our GLM tool How we have used CART with
More informationMoody s Analytics Solutions for the Asset Manager
ASSET MANAGER Moody s Analytics Solutions for the Asset Manager Moody s Analytics Solutions for the Asset Manager COVERING YOUR ENTIRE WORKFLOW Moody s is the leader in analyzing and monitoring credit
More informationA Web-based System to Monitor and Predict Healthcare Activity
A Web-based System to Monitor and Predict Healthcare Activity Helen Brown School of Informatics, University of Edinburgh, 1 Buccleuch Place, Edinburgh, EH8 9LW, UK Email: helen.brown@ed.ac.uk Abstract.
More informationTHE HYBRID CART-LOGIT MODEL IN CLASSIFICATION AND DATA MINING. Dan Steinberg and N. Scott Cardell
THE HYBID CAT-LOGIT MODEL IN CLASSIFICATION AND DATA MINING Introduction Dan Steinberg and N. Scott Cardell Most data-mining projects involve classification problems assigning objects to classes whether
More informationA Study on the Comparison of Electricity Forecasting Models: Korea and China
Communications for Statistical Applications and Methods 2015, Vol. 22, No. 6, 675 683 DOI: http://dx.doi.org/10.5351/csam.2015.22.6.675 Print ISSN 2287-7843 / Online ISSN 2383-4757 A Study on the Comparison
More informationExperiment #1, Analyze Data using Excel, Calculator and Graphs.
Physics 182 - Fall 2014 - Experiment #1 1 Experiment #1, Analyze Data using Excel, Calculator and Graphs. 1 Purpose (5 Points, Including Title. Points apply to your lab report.) Before we start measuring
More informationAUTOMATION OF ENERGY DEMAND FORECASTING. Sanzad Siddique, B.S.
AUTOMATION OF ENERGY DEMAND FORECASTING by Sanzad Siddique, B.S. A Thesis submitted to the Faculty of the Graduate School, Marquette University, in Partial Fulfillment of the Requirements for the Degree
More informationLocation matters. 3 techniques to incorporate geo-spatial effects in one's predictive model
Location matters. 3 techniques to incorporate geo-spatial effects in one's predictive model Xavier Conort xavier.conort@gear-analytics.com Motivation Location matters! Observed value at one location is
More informationBetter decision making under uncertain conditions using Monte Carlo Simulation
IBM Software Business Analytics IBM SPSS Statistics Better decision making under uncertain conditions using Monte Carlo Simulation Monte Carlo simulation and risk analysis techniques in IBM SPSS Statistics
More informationWinning the Kaggle Algorithmic Trading Challenge with the Composition of Many Models and Feature Engineering
IEICE Transactions on Information and Systems, vol.e96-d, no.3, pp.742-745, 2013. 1 Winning the Kaggle Algorithmic Trading Challenge with the Composition of Many Models and Feature Engineering Ildefons
More informationHOW PREDICTIVE ANALYTICS DRIVES PROFITABILITY IN ASSET FINANCE
HOW PREDICTIVE ANALYTICS DRIVES PROFITABILITY IN ASSET FINANCE By Janet Orrick, Analytic Scientist at International Decision Systems EXECUTIvE SUMMARY In today s ever-changing business world, asset finance
More informationForecasting Trade Direction and Size of Future Contracts Using Deep Belief Network
Forecasting Trade Direction and Size of Future Contracts Using Deep Belief Network Anthony Lai (aslai), MK Li (lilemon), Foon Wang Pong (ppong) Abstract Algorithmic trading, high frequency trading (HFT)
More informationNEW YORK STATE ELECTRIC & GAS CORPORATION DIRECT TESTIMONY OF THE SALES AND REVENUE PANEL
Case No. 0-E- NEW YORK STATE ELECTRIC & GAS CORPORATION DIRECT TESTIMONY OF THE SALES AND REVENUE PANEL September 0, 00 Patricia J. Clune Michael J. Purtell 0 Q. Please state the names of the members on
More informationCHAPTER 11 FORECASTING AND DEMAND PLANNING
OM CHAPTER 11 FORECASTING AND DEMAND PLANNING DAVID A. COLLIER AND JAMES R. EVANS 1 Chapter 11 Learning Outcomes l e a r n i n g o u t c o m e s LO1 Describe the importance of forecasting to the value
More informationDATA MINING TECHNIQUES AND APPLICATIONS
DATA MINING TECHNIQUES AND APPLICATIONS Mrs. Bharati M. Ramageri, Lecturer Modern Institute of Information Technology and Research, Department of Computer Application, Yamunanagar, Nigdi Pune, Maharashtra,
More informationUsing Ensemble of Decision Trees to Forecast Travel Time
Using Ensemble of Decision Trees to Forecast Travel Time José P. González-Brenes Guido Matías Cortés What to Model? Goal Predict travel time at time t on route s using a set of explanatory variables We
More informationSearch Marketing Cannibalization. Analytical Techniques to measure PPC and Organic interaction
Search Marketing Cannibalization Analytical Techniques to measure PPC and Organic interaction 2 Search Overview How People Use Search Engines Navigational Research Health/Medical Directions News Shopping
More information«The Five Myths of Predictive Analytics» 1
The Five Myths of Predictive Analytics @AnalyticsQueen #PAWGov email: Piyanka@Aryng.com White paper: www.aryng.com Piyanka Jain President & CEO, Aryng.com «The Five Myths of Predictive Analytics» 1 Analytics
More informationIdentifying At-Risk Students Using Machine Learning Techniques: A Case Study with IS 100
Identifying At-Risk Students Using Machine Learning Techniques: A Case Study with IS 100 Erkan Er Abstract In this paper, a model for predicting students performance levels is proposed which employs three
More informationCredit Research & Risk Measurement
Credit Research & RISK MEASUREMENT Credit Research & Risk Measurement Leverage the market standard in credit analysis and utilize the latest risk management technology to improve the efficiency of your
More informationA Regional Demand Forecasting Study for Transportation Fuels in Turkey
A al Demand Forecasting Study for Transportation Fuels in Turkey by Özlem Atalay a, Gürkan Kumbaroğlu Bogazici University, Department of Industrial Engineering, 34342, Bebek, Istanbul, Turkey, Phone :
More informationMERGING BUSINESS KPIs WITH PREDICTIVE MODEL KPIs FOR BINARY CLASSIFICATION MODEL SELECTION
MERGING BUSINESS KPIs WITH PREDICTIVE MODEL KPIs FOR BINARY CLASSIFICATION MODEL SELECTION Matthew A. Lanham & Ralph D. Badinelli Virginia Polytechnic Institute and State University Department of Business
More informationAnalysis of Bayesian Dynamic Linear Models
Analysis of Bayesian Dynamic Linear Models Emily M. Casleton December 17, 2010 1 Introduction The main purpose of this project is to explore the Bayesian analysis of Dynamic Linear Models (DLMs). The main
More informationSilvermine House Steenberg Office Park, Tokai 7945 Cape Town, South Africa Telephone: +27 21 702 4666 www.spss-sa.com
SPSS-SA Silvermine House Steenberg Office Park, Tokai 7945 Cape Town, South Africa Telephone: +27 21 702 4666 www.spss-sa.com SPSS-SA Training Brochure 2009 TABLE OF CONTENTS 1 SPSS TRAINING COURSES FOCUSING
More informationSurvey Process White Paper Series 20 Pitfalls to Avoid When Conducting Marketing Research
Survey Process White Paper Series 20 Pitfalls to Avoid When Conducting Marketing Research POLARIS MARKETING RESEARCH, INC. 1455 LINCOLN PARKWAY, SUITE 320 ATLANTA, GEORGIA 30346 404.816.0353 www.polarismr.com
More informationNew Work Item for ISO 3534-5 Predictive Analytics (Initial Notes and Thoughts) Introduction
Introduction New Work Item for ISO 3534-5 Predictive Analytics (Initial Notes and Thoughts) Predictive analytics encompasses the body of statistical knowledge supporting the analysis of massive data sets.
More informationThe Agile Project Management Bill Gaiennie, Davisbase Consulting. Copyright 2011 Davisbase LLC. Distribution without express permission is forbidden
The Agile Project Management Bill Gaiennie, Davisbase Consulting Introduction and Agenda Bill Gaiennie, Davisbase Consulting 17 years in software development. 7 years working with software development
More informationValidation of Internal Rating and Scoring Models
Validation of Internal Rating and Scoring Models Dr. Leif Boegelein Global Financial Services Risk Management Leif.Boegelein@ch.ey.com 07.09.2005 2005 EYGM Limited. All Rights Reserved. Agenda 1. Motivation
More informationApplying Data Science to Sales Pipelines for Fun and Profit
Applying Data Science to Sales Pipelines for Fun and Profit Andy Twigg, CTO, C9 @lambdatwigg Abstract Machine learning is now routinely applied to many areas of industry. At C9, we apply machine learning
More informationProfessional Certificate Programme In Advanced Business Analytics
& www.a-aei.org www.valuefronteira.com Professional Certificate Programme In Advanced Business Analytics May 2011 Stream Weekends Dates 1st 7-8, May 2nd 14-15, May 3rd 21-22, May 4th 28-29, May Features
More informationPromotional Analysis and Forecasting for Demand Planning: A Practical Time Series Approach Michael Leonard, SAS Institute Inc.
Promotional Analysis and Forecasting for Demand Planning: A Practical Time Series Approach Michael Leonard, SAS Institute Inc. Cary, NC, USA Abstract Many businesses use sales promotions to increase the
More informationCourse 2: Financial Planning and Forecasting
Excellence in Financial Management Course 2: Financial Planning and Forecasting Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides a basic understanding of how to prepare a financial plan (budgeted
More informationA Comparative Study of the Pickup Method and its Variations Using a Simulated Hotel Reservation Data
A Comparative Study of the Pickup Method and its Variations Using a Simulated Hotel Reservation Data Athanasius Zakhary, Neamat El Gayar Faculty of Computers and Information Cairo University, Giza, Egypt
More informationDemand Forecasting When a product is produced for a market, the demand occurs in the future. The production planning cannot be accomplished unless
Demand Forecasting When a product is produced for a market, the demand occurs in the future. The production planning cannot be accomplished unless the volume of the demand known. The success of the business
More informationThe data set we have taken is about calculating body fat percentage for an individual.
The Process we are mining: The data set we have taken is about calculating body fat percentage for an individual. What is Body Fat percentage? The body fat percentage (BFP) of a human or other living being
More informationPredictive Analytics Techniques: What to Use For Your Big Data. March 26, 2014 Fern Halper, PhD
Predictive Analytics Techniques: What to Use For Your Big Data March 26, 2014 Fern Halper, PhD Presenter Proven Performance Since 1995 TDWI helps business and IT professionals gain insight about data warehousing,
More informationSales forecasting # 2
Sales forecasting # 2 Arthur Charpentier arthur.charpentier@univ-rennes1.fr 1 Agenda Qualitative and quantitative methods, a very general introduction Series decomposition Short versus long term forecasting
More informationIntroduction to Predictive Modeling Using GLMs
Introduction to Predictive Modeling Using GLMs Dan Tevet, FCAS, MAAA, Liberty Mutual Insurance Group Anand Khare, FCAS, MAAA, CPCU, Milliman 1 Antitrust Notice The Casualty Actuarial Society is committed
More informationForecasting methods applied to engineering management
Forecasting methods applied to engineering management Áron Szász-Gábor Abstract. This paper presents arguments for the usefulness of a simple forecasting application package for sustaining operational
More informationanalytics+insights for life science Descriptive to Prescriptive Accelerating Business Insights with Data Analytics a lifescale leadership brief
analytics+insights for life science Descriptive to Prescriptive Accelerating Business Insights with Data Analytics a lifescale leadership brief The potential of data analytics can be confusing for many
More informationUse of Statistical Forecasting Methods to Improve Demand Planning
Use of Statistical Forecasting Methods to Improve Demand Planning Talk given at the Swiss Days of Statistics 2004 Aarau, November 18th, 2004 Marcel Baumgartner marcel.baumgartner@nestle.com Nestec 1800
More information2 Day In House Demand Planning & Forecasting Training Outline
2 Day In House Demand Planning & Forecasting Training Outline On-site Corporate Training at Your Company's Convenience! For further information or to schedule IBF s corporate training at your company,
More informationEvent driven trading new studies on innovative way. of trading in Forex market. Michał Osmoła INIME live 23 February 2016
Event driven trading new studies on innovative way of trading in Forex market Michał Osmoła INIME live 23 February 2016 Forex market From Wikipedia: The foreign exchange market (Forex, FX, or currency
More informationModels for Product Demand Forecasting with the Use of Judgmental Adjustments to Statistical Forecasts
Page 1 of 20 ISF 2008 Models for Product Demand Forecasting with the Use of Judgmental Adjustments to Statistical Forecasts Andrey Davydenko, Professor Robert Fildes a.davydenko@lancaster.ac.uk Lancaster
More informationJetBlue Airways Stock Price Analysis and Prediction
JetBlue Airways Stock Price Analysis and Prediction Team Member: Lulu Liu, Jiaojiao Liu DSO530 Final Project JETBLUE AIRWAYS STOCK PRICE ANALYSIS AND PREDICTION 1 Motivation Started in February 2000, JetBlue
More informationHow To Understand The Theory Of Probability
Graduate Programs in Statistics Course Titles STAT 100 CALCULUS AND MATR IX ALGEBRA FOR STATISTICS. Differential and integral calculus; infinite series; matrix algebra STAT 195 INTRODUCTION TO MATHEMATICAL
More informationData Mining Applications in Higher Education
Executive report Data Mining Applications in Higher Education Jing Luan, PhD Chief Planning and Research Officer, Cabrillo College Founder, Knowledge Discovery Laboratories Table of contents Introduction..............................................................2
More informationSouth East of Process Main Building / 1F. North East of Process Main Building / 1F. At 14:05 April 16, 2011. Sample not collected
At 14:05 April 16, 2011 At 13:55 April 16, 2011 At 14:20 April 16, 2011 ND ND 3.6E-01 ND ND 3.6E-01 1.3E-01 9.1E-02 5.0E-01 ND 3.7E-02 4.5E-01 ND ND 2.2E-02 ND 3.3E-02 4.5E-01 At 11:37 April 17, 2011 At
More informationAnalysis of Financial Time Series
Analysis of Financial Time Series Analysis of Financial Time Series Financial Econometrics RUEY S. TSAY University of Chicago A Wiley-Interscience Publication JOHN WILEY & SONS, INC. This book is printed
More informationIntroduction to Big Data Analytics p. 1 Big Data Overview p. 2 Data Structures p. 5 Analyst Perspective on Data Repositories p.
Introduction p. xvii Introduction to Big Data Analytics p. 1 Big Data Overview p. 2 Data Structures p. 5 Analyst Perspective on Data Repositories p. 9 State of the Practice in Analytics p. 11 BI Versus
More informationKATE GLEASON COLLEGE OF ENGINEERING. John D. Hromi Center for Quality and Applied Statistics
ROCHESTER INSTITUTE OF TECHNOLOGY COURSE OUTLINE FORM KATE GLEASON COLLEGE OF ENGINEERING John D. Hromi Center for Quality and Applied Statistics NEW (or REVISED) COURSE (KCOE-CQAS- 873 - Time Series Analysis
More informationAP Physics 1 and 2 Lab Investigations
AP Physics 1 and 2 Lab Investigations Student Guide to Data Analysis New York, NY. College Board, Advanced Placement, Advanced Placement Program, AP, AP Central, and the acorn logo are registered trademarks
More informationOur Raison d'être. Identify major choice decision points. Leverage Analytical Tools and Techniques to solve problems hindering these decision points
Analytic 360 Our Raison d'être Identify major choice decision points Leverage Analytical Tools and Techniques to solve problems hindering these decision points Empowerment through Intelligence Our Suite
More information2.2 Elimination of Trend and Seasonality
26 CHAPTER 2. TREND AND SEASONAL COMPONENTS 2.2 Elimination of Trend and Seasonality Here we assume that the TS model is additive and there exist both trend and seasonal components, that is X t = m t +
More informationJava Modules for Time Series Analysis
Java Modules for Time Series Analysis Agenda Clustering Non-normal distributions Multifactor modeling Implied ratings Time series prediction 1. Clustering + Cluster 1 Synthetic Clustering + Time series
More informationContent. Management Summary... 3
Real Time Marketing Self-learning, intelligent customer scoring offers financial service providers a made-to-measure forecasting model for individual customers Content Management Summary... 3 Intelligent,
More informationIBM SPSS Forecasting 22
IBM SPSS Forecasting 22 Note Before using this information and the product it supports, read the information in Notices on page 33. Product Information This edition applies to version 22, release 0, modification
More informationGetting Smart About Revenue Recognition and Lease Accounting
SAP Thought Leadership Paper Revenue Recognition and Lease Accounting Getting Smart About Revenue Recognition and Lease Accounting What the Rule Changes Mean for Your Business Table of Contents 4 New Rules
More informationA Primer on Forecasting Business Performance
A Primer on Forecasting Business Performance There are two common approaches to forecasting: qualitative and quantitative. Qualitative forecasting methods are important when historical data is not available.
More informationUSING SEASONAL AND CYCLICAL COMPONENTS IN LEAST SQUARES FORECASTING MODELS
Using Seasonal and Cyclical Components in Least Squares Forecasting models USING SEASONAL AND CYCLICAL COMPONENTS IN LEAST SQUARES FORECASTING MODELS Frank G. Landram, West Texas A & M University Amjad
More informationDATA MINING IN FINANCE
DATA MINING IN FINANCE Advances in Relational and Hybrid Methods by BORIS KOVALERCHUK Central Washington University, USA and EVGENII VITYAEV Institute of Mathematics Russian Academy of Sciences, Russia
More informationData Mining: STATISTICA
Data Mining: STATISTICA Outline Prepare the data Classification and regression 1 Prepare the Data Statistica can read from Excel,.txt and many other types of files Compared with WEKA, Statistica is much
More informationNumbers 101: Growth Rates and Interest Rates
The Anderson School at UCLA POL 2000-06 Numbers 101: Growth Rates and Interest Rates Copyright 2000 by Richard P. Rumelt. A growth rate is a numerical measure of the rate of expansion or contraction of
More informationDesign of a Weather- Normalization Forecasting Model
Design of a Weather- Normalization Forecasting Model Project Proposal Abram Gross Yafeng Peng Jedidiah Shirey 2/11/2014 Table of Contents 1.0 CONTEXT... 3 2.0 PROBLEM STATEMENT... 4 3.0 SCOPE... 4 4.0
More informationUsing Excel (Microsoft Office 2007 Version) for Graphical Analysis of Data
Using Excel (Microsoft Office 2007 Version) for Graphical Analysis of Data Introduction In several upcoming labs, a primary goal will be to determine the mathematical relationship between two variable
More informationOPPORTUNITIES PRESENTED BY USE OF BIG DATA IN SUSTAINABILITY
OPPORTUNITIES PRESENTED BY USE OF BIG DATA IN SUSTAINABILITY Big Data provides us with information to prioritise action on sustainability For large businesses that have a significant environmental impact
More informationIntroduction to Data Mining
Introduction to Data Mining 1 Why Data Mining? Explosive Growth of Data Data collection and data availability Automated data collection tools, Internet, smartphones, Major sources of abundant data Business:
More informationData Mining Introduction
Data Mining Introduction Bob Stine Dept of Statistics, School University of Pennsylvania www-stat.wharton.upenn.edu/~stine What is data mining? An insult? Predictive modeling Large, wide data sets, often
More informationEnterprise Risk Management
Enterprise Risk Management Enterprise Risk Management Understand and manage your enterprise risk to strike the optimal dynamic balance between minimizing exposures and maximizing opportunities. Today s
More informationMaterials Management and Inventory Systems
Materials Management and Inventory Systems Richard J.Tersine Old Dominion University 'C & North-Holland PUBLISHING COMPANY NEW YORK AMSTERDAM Contents Preface Chapter 1 INTRODUCTION 1 Inventory 4 Types
More informationPredicting borrowers chance of defaulting on credit loans
Predicting borrowers chance of defaulting on credit loans Junjie Liang (junjie87@stanford.edu) Abstract Credit score prediction is of great interests to banks as the outcome of the prediction algorithm
More informationTHE SALES FORECAST: TOP 4 BARRIERS TO SALES TEAM ACCURACY
THE SALES FORECAST: TOP 4 BARRIERS TO SALES TEAM ACCURACY Learn what prevents your sales team from contributing to trustworthy demand forecasts A VANGUARD SOFTWARE WHITE PAPER 2013 Vanguard Software Corporation.
More informationA FUZZY LOGIC APPROACH FOR SALES FORECASTING
A FUZZY LOGIC APPROACH FOR SALES FORECASTING ABSTRACT Sales forecasting proved to be very important in marketing where managers need to learn from historical data. Many methods have become available for
More informationDemand Management Where Practice Meets Theory
Demand Management Where Practice Meets Theory Elliott S. Mandelman 1 Agenda What is Demand Management? Components of Demand Management (Not just statistics) Best Practices Demand Management Performance
More informationBillions of dollars are spent every year
Forecasting Practice Sales Quota Accuracy and Forecasting MARK BLESSINGTON PREVIEW Sales-forecasting authority Mark Blessington examines an often overlooked topic in this field: the efficacy of different
More informationA Quantitative Approach to Commercial Damages. Applying Statistics to the Measurement of Lost Profits + Website
Brochure More information from http://www.researchandmarkets.com/reports/2212877/ A Quantitative Approach to Commercial Damages. Applying Statistics to the Measurement of Lost Profits + Website Description:
More informationStructuring the Revenue Forecasting Process
Structuring the Revenue Forecasting Process Forecasting is very difficult, especially if it is about the future. Niels Bohr, Physicist, bel Prize winner, 1922 By Shayne C. Kavanagh and Charles Iglehart
More informationEquity forecast: Predicting long term stock price movement using machine learning
Equity forecast: Predicting long term stock price movement using machine learning Nikola Milosevic School of Computer Science, University of Manchester, UK Nikola.milosevic@manchester.ac.uk Abstract Long
More informationIDENTIFICATION OF DEMAND FORECASTING MODEL CONSIDERING KEY FACTORS IN THE CONTEXT OF HEALTHCARE PRODUCTS
IDENTIFICATION OF DEMAND FORECASTING MODEL CONSIDERING KEY FACTORS IN THE CONTEXT OF HEALTHCARE PRODUCTS Sushanta Sengupta 1, Ruma Datta 2 1 Tata Consultancy Services Limited, Kolkata 2 Netaji Subhash
More informationAPPENDIX 15. Review of demand and energy forecasting methodologies Frontier Economics
APPENDIX 15 Review of demand and energy forecasting methodologies Frontier Economics Energex regulatory proposal October 2014 Assessment of Energex s energy consumption and system demand forecasting procedures
More informationDemand Xpress. Whitepaper Series. Introduction. Table of Contents. Collaborative Demand Planning In 4 Weeks
Whitepaper Series Demand Xpress Collaborative Demand Planning In 4 Weeks Introduction Understanding and forecasting product demand is critical to satisfying customers while maximizing profitability. Accurate
More information