Overview

Here is a sample 12-month forecast, created using the Excel Exponential Triple Smoothing (ETS) function on 36 months of historical data.

Applying statistical methods to data in order to generate actionable insights allows for more accurate planning.

Visualization

Methodology

Captures level, trend, and seasonal patterns in the data, adapts to changing conditions with optimal smoothing parameters, and produces more accurate forecasts than simple moving averages.

Business Applications

Time series forecasting could help your organization:

• Optimize inventory
• Anticipate staffing needs
• Support budget planning and financial projections

As a data scientist familiar with more complex machine learning approaches, I have found that relatively simple forecasting methods are often effective enough for many business applications.