{"id":12090,"date":"2023-06-26T22:48:00","date_gmt":"2023-06-26T22:48:00","guid":{"rendered":"https:\/\/monocroft.com\/?p=12090"},"modified":"2023-06-26T22:48:02","modified_gmt":"2023-06-26T22:48:02","slug":"predictive-analysis-an-introduction-to-tableau-forecast","status":"publish","type":"post","link":"https:\/\/monocroft.com\/predictive-analysis-an-introduction-to-tableau-forecast\/","title":{"rendered":"Predictive Analysis: An Introduction to Tableau Forecast"},"content":{"rendered":"\n
Forecasting, in general, is the process of predicting values for a certain measure within a specific time period. However, Tableau employs exponential smoothening for accurate forecasts and provides comprehensive forecast insights.<\/p>\n\n\n\n
These insights ensure comprehensive analysis and allow users to understand the underlying factors influencing the data by exploring different techniques, identifying outliers, and drilling down into specific data points.<\/p>\n\n\n\n
In this article, I will delve into Tableau forecasting, how to create a Tableau forecast, and as well its significance in making informed decisions.<\/p>\n\n\n\n
Let’s get started!<\/p>\n\n\n\n
Let’s go through how to create a forecast in Tableau!<\/p>\n\n\n\n
To create a forecast, you need to install the Tableau software<\/a> and a dataset. For this guide, I will make use of the IMDB (2006 \u2014 2016) dataset. It contains data on movies released during that period. You can download it here<\/a>.<\/em><\/p>\n\n\n\n Now, let’s go on to create a forecast using Tableau!<\/p>\n\n\n\n The first thing is to launch your Tableau Desktop and load the data source into it. To do that, click on the appropriate data source you want to work with.<\/p>\n\n\n My dataset is in Microsoft Excel format. So, I will select “Microsoft Excel” as the data source, and choose the file on my computer.<\/p>\n\n\n\n Once you load the data source, you can drag Year<\/strong> into the “Columns” region and Revenue <\/strong>into “Rows.” This will give you a line chart displaying the time series.<\/em><\/p>\n\n\n As you can see, the Year function was applied, which makes the chart to be displayed based on the years 2006 \u2014 2016.<\/em><\/p>\n\n\n\n Now, to generate a forecast based on the data, go to the “Analysis” menu and hover your mouse on “Forecast” then select “Show Forecast.”<\/p>\n\n\n\n (As shown below)<\/em><\/p>\n\n\n This process will create a forecast measure, indicated by a blue shade around the actual forecast line.<\/p>\n\n\n\n (As displayed below)<\/em><\/p>\n\n\n Yes! That’s how to create a forecast in Tableau!<\/p>\n\n\n\n Now that you can create a Tableau forecast, let us explore some forecast options! <\/p>\n\n\n\n Again, go to “Analysis,” then hover your mouse on “Forecast” and select “Forecast Options.”<\/p>\n\n\n In the “Forecast Options” box, you can customize different settings such as forecast length, aggregation level (e.g., years, quarters, months), and forecast model.<\/p>\n\n\n\n Let’s go through some of these forecast options!<\/p>\n\n\n In the “Forecast Length” section, Tableau provides 3 options: “Automatic, Exactly, and Until.” By default, the “Automatic” option is selected which generates a 12 months forecast<\/em>.<\/p>\n\n\n\n The “Exactly” option will extend the forecast for a specific number of time units<\/em>, while “Until” will extend the forecast until a specified period in the future<\/em>.<\/p>\n\n\n\n I will recommend you try out different values with both the “Exactly” and “Until” options to explore their impact on your forecast.<\/em><\/p>\n\n\n\n In the “Source Data” section, there is a “Periods” option where you have a drop-down menu of forecast periods such as Years, Quarters, Months, Weeks, Days, Hours, Minutes, and Seconds.<\/p>\n\n\n Selecting any of the time periods adjusts the granularity of the forecasted data. This allows you to explore different time periods based on your specific needs.<\/p>\n\n\n\n Just as shown below, Tableau offers three “Forecast Model” options which are “Automatic,” “Automatic with Seasonality,” and “Custom.”<\/p>\n\n\n You should note that choosing a suitable forecast model is crucial for accurate predictions. So, your choice of forecast model should align with the underlying trends and patterns of your data.<\/em><\/p>\n\n\n\n Prediction intervals define the range within which the forecast values are expected to fall with a certain level of confidence.<\/p>\n\n\n\n For example, if a prediction interval is set at 95%, it means that you are 95% confident that the predicted values will fall within the range predicted by the forecast model.<\/p>\n\n\n Finally, after creating your forecast, it is important to gain detailed insights into the forecast and to do that, you can use the “Describe Forecast” feature.<\/p>\n\n\n The “Describe Forecast” feature allows you to access a summary of the forecast, including metrics such as the quality of the model.<\/p>\n\n\n Besides, the summary may show metrics in percentage, which offers you a clearer view of the accuracy and reliability of the forecast.<\/p>\n\n\n Finally, the “Model” tab provides further insights into the technical part of the forecast model. This section delves into the detailed algorithms, techniques, and parameters used by Tableau to generate the forecast.<\/p>\n\n\n\n In summary, forecasting in Tableau allows organizations to predict trends and patterns, make informed decisions, manage resources, and make plans by leveraging historical data and advanced analytics.<\/p>\n\n\n\n The forecast feature in Tableau allows users to generate accurate and insightful forecasts based on historical data. By following this article, you can leverage this feature to uncover trends and patterns.<\/p>\n\n\n\n Whether you’re predicting sales, analyzing market trends, or forecasting resource allocation, the Tableau forecast feature allows you to make data-driven decisions!<\/p>\n\n\n\n I hope you enjoyed reading this article. You can also check out our article on tips for creating an engaging Tableau dashboard.<\/a><\/p>\n\n\n\n Thanks for reading!<\/p>\n","protected":false},"excerpt":{"rendered":" Forecasting, in general, is the process of predicting values for a certain measure within a specific time period. However, Tableau … <\/p>\n1. Load the data source into Tableau<\/h3>\n\n\n\n
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2. Drag the Year Dimension Into the Columns Region<\/h3>\n\n\n\n
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3. Generating a Forecast<\/h3>\n\n\n\n
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4. Exploring Forecast Options<\/h3>\n\n\n\n
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a. Forecast Length<\/h4>\n\n\n\n
b. Source Data<\/h4>\n\n\n\n
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c. Forecast Model<\/h4>\n\n\n\n
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d. Prediction intervals<\/h4>\n\n\n\n
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5. Describing Forecast<\/h3>\n\n\n\n
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Significance of Forecasting in Tableau<\/h2>\n\n\n\n
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Conclusion<\/h2>\n\n\n\n