Forecast range in Statistical forecast APP
Hi, I want to use Statistical forecast APP.
This app presupposes forecast 1 Month?
Some Forecast method only forecast 1 month like Winter's method.
I want to forecast 1 year.
Is there any setting to change forecast range? or I shouldn't use this method?
Answers
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The app has a forecast horizon of 2 years.
If it is generating a forecast output of just 1 month, there might be a variety of factors contributing to this - History pattern, forecast override, seasonality indices etc.
You might want to drill down to check the exact place where it is starting to show just 1 month.
Regarding the Forecast method, you might want to let the system select the Best-fit, else you could select a suitable one depending on the history pattern and fine-tune the parameters (as it is difficult to find a one-size-fits-all algorithm).
P.S: In the screenshot shared, it can be seen that the forecast is generated for more than 2 years (red line).
Hope this helps!
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I set the hold time period as 12 months.
So we can forecast 12months.
But next year forecast always reference previous month value.
I confirmed that some forecast method has formula as "previous(value)" in forecast period.
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