How is forecasting done in Power BI
How is forecasting done in Power BI
How is forecasting done in Power BI – ( Complete Beginner Friendly Guide ) How is forecasting done in Power BI forecasting is one of the most powerful features in Power Bi, It helps business predict future trends based on historical data like sales, revenue, demand, website traffic, or performance metrics How is forecasting done in Power BI
Forecasting is one of the most powerful features in Power Bi, It helps business predict future trends based on historical data like sales, revenue, demand, website traffic, or performance metrics How is forecasting done in Power BI
In this guide, You’ll learn how forecasting is done in Power BI, step by step, in sample and practical way, No advanced math or data science background required
What is Forecasting in Power BI ?
Forecasting in Power Bi is the process of predicting future values by analyzing past data patterns, power BI uses statistical algorithms to identify trends and seasonality in your data and then projects those trends into the future
Real Life Examples of Forecasting
Predicating next quarter sales
Estimating future website traffic
Forecasting monthly revenue
Planning inventory demand
Anticipating customer growth
Power Bi makes forecasting visual and Interactive, which helps business users makes data driven decision quickly
How Forecasting works in Power Bi ( In simple words )
Power BI forecasting works mainly on time based data, such as;
Dates
Months
Years
Time intervals
IT Analyzes
Historical trends
Patterns over time
Seasonality ( Repeated patterns like monthly or yearly cycles )
Then it apples statistical models to estimate future values
Important: Forecasting in power Bi is available mainly in line charts
Requirements for Forecasting in Power BI
Before using forecasting, makes sure your data meets these conditions:
1, Time Based Data is Mandatory
Your Datasets Must have:
A data or time colum