The Vizlib Line Chart introduces new forecasting capabilities in Qlik Sense with just one click away without the need for coding or a complex installation.
What is a forecast?
Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends.
Why use forecasting?
Using statistical modeling techniques, you can analyze the patterns in your past data and project those patterns to determine map future data points. Business need to make future decisions based on existing data. Here are some of the areas where you can make use of forecasting:
- Financial Planning
- Price Stability
- Demand Forecasting
- Supply Chain Management
- Sales Planning
Advanced Analytics: Vizlib Line Forecasting
The Vizlib forecasting feature has a number of simple parameters to help you project forecasts and adjust your forecasting model to your data.
|Enable Forecast Calculation.|
Number of Training Periods
Number of Forecasting Data Points
The Holt-Winters method analyzes the trend, average and seasonality of historical data to provide a statistical prediction for the future.
Further to this, Vizlib introduces different calculating models, starting from Quick: Minimal, to Intense. The lighter the model, the quicker the calculation time but the lower the resolution of the prediction. The heavier the model, the longer it takes to calculate, but the smoother the prediction will be.