{"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

How to Create Forecasts in Tableau<\/h2>\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

1. Load the data source into Tableau<\/h3>\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

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\"How<\/figure><\/div>\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

2. Drag the Year Dimension Into the Columns Region<\/h3>\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

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\"forecasting\"<\/figure><\/div>\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

3. Generating a Forecast<\/h3>\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

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\"generating<\/figure><\/div>\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

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\"Tableau<\/figure><\/div>\n\n\n

Yes! That’s how to create a forecast in Tableau!<\/p>\n\n\n\n

4. Exploring Forecast Options<\/h3>\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

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\"\"<\/figure><\/div>\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

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\"\"<\/figure><\/div>\n\n\n

a. Forecast Length<\/h4>\n\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

b. Source Data<\/h4>\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

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\"source<\/figure><\/div>\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

c. Forecast Model<\/h4>\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

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\"forecast<\/figure><\/div>\n\n\n