Step-by-Step Guide on Forecasted Data Visualization in Power BI
Sep 13, 2023 7:00 PM

Step-by-Step Guide on Forecasted Data Visualization in Power BI

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Explore new forecasting capabilities in Power BI. Predict trends & evaluate data accuracy in Office 365 with Power Views advanced statistical tools.

Forecasting in Power BI uses built-in predictive forecasting models capitalizing on exponential smoothing to automatically identify seasonality in the data and generate predictions from a series of data. Users can modify forecast results by altering the desired confidence interval or adjusting outlier data to observe their impact on results.

These new features allow users to backtrack, through hindcasting, to understand how Power View would have predicted present and recent past using older data sets. The most suitable data for forecasting are time series data or uniformly increasing whole numbers.

Explore new capabilities of Power BI today on your data or with the sample report. Power View also allows for adjustment for seasonality, adjustment of your confidence interval, and the ability to adjust for outliers and explore 'what-if' scenarios.

Forecasting is available for line charts only. The x-axis value should follow a date/time format or be a uniformly increasing whole number. Furthermore, you should note that the chart must display only one line. Multiple-line charts won’t work, even if all but one line is filtered out.

You can evaluate the accuracy of predictions by combining techniques: Varying the confidence interval to understand expected variance in future forecast results and hindcasting to view how the algorithm performs in practice on your historical data.

The line chart also comes in handy when attempting to simplify data with more than 1,000 values. With the help of statistical analysis, this tool provides forecasts that account for trends and seasonal factors.

Considerations should be given to filtering, since it can impact forecast quality. Also, note that Power BI fills missing values before forecasting, but excessive missing values can inhibit forecasting ability.



Your Comprehensive Guide to Power View's Forecasting Features

In Power BI delivers a new level of predictive forecasting using exponential smoothing that identifies patterns in the data. Through hindcasting, you can go back in time to assess how your current scenario could've been predicted using historical data. The best part is that you can customize the results by adjusting confidence intervals and outliers.

Especially relevant in a time-series context, a notable attribute is that it can be done with a line-chart, singular in nature: multiple lines won't work. The data on the x-axis needs to adhere to a time/date format or be a series of uniformly increasing whole numbers for the best result. Remember, more than 1,000 values are just too many. An ideal condition to work with is less than that.

Testing the accuracy of predictions is easy - vary the confidence intervals or look into hindcasting. These techniques offer valuable insights into the forecast algorithm's performance. It's crucial not to forget about filtering - appropriate filtering can lead to accurate forecasts, but it can also decrease the forecast's quality if mishandled.

Lastly, Power View is equipped to handle missing values in the data. It completes the missing spots before making a forecast, ensuring a smooth forecasting experience. However, if the missing values are too many, the tool may hesitate to make a prediction. Try it yourself and discover the tangible advantages of informed forecasting with Power View.



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