STATISTICAL FORECASTING TECHNIQUES, DATA MINING & TREATMENT
2 June 2021 – Online Livestream via Zoom (9am to 5pm)
Practical and comprehensive workshop for management and practitioners – from data collection, segmentation and presentation to most often used statistical forecasting techniques that will improve your bottom line and increase your competitive position in the market.
There are many software packages in the market which have a built-in expert system that automatically selects the ‘best’ model (aka ‘best fit’) and then provides the resulting forecasts. However, with the expert system comes the danger of ‘black box’ forecasting. The model selected by software may or may not be the best one.
To avoid black box model building, it is important for forecasters to understand what goes behind each model, as well as how and why a given model is chosen. On this account, we will discuss in detail what goes behind each model. We will use real data examples throughout the course to give the live experience from variety of industry sectors. Our goal is to discuss those topics, which have a real application in business and are easy to apply.
• Establish a process for effective forecasting
• Select the forecasting and analytical techniques most appropriate for any given forecasting problem
• Learn how to analyse historical data fast and accurately to improve statistical forecast quality and accuracy
• Understand how to evaluate performance of a statistical model
• Gain solid understanding of data and the processes generating data and forecasts, thus increasing the ability to manage your staff’s time required to produce more accurate forecasts and decreasing dependence on software logic