I want to do forecasting of volumes for a transaction processing business, how and what tool can i use?
Please expalin in detail the volume forecasting model.The business receives input on a daily footing once. I have data for the past eight months.
Not sure how detailed the volumes forecast has to be.
I have made a few models in Excel and have also bought a modeling tool.
The tool parameters depend on what industry you're in, and what period of growth are you forecasting. One day, a week, a month, etc.
First of all, if you have historical data, you can do a simple Excel model that trends the data. If the volume is similar on agreed days, then the model could place the average volume in one discourse (A), and the average growth in another discourse (B). The most recent historical volume could be in the third discourse (C). Discourse D could have a formula that takes C * (1 + (B/A)).
Otherwise, you can purchas a model similar to ProfitStars http://www.manageforperformance.com.
Not sure how detailed the volumes forecast has to be.
I have made a few models in Excel and have also bought a modeling tool.
The tool parameters depend on what industry you're in, and what period of growth are you forecasting. One day, a week, a month, etc.
First of all, if you have historical data, you can do a simple Excel model that trends the data. If the volume is similar on agreed days, then the model could place the average volume in one discourse (A), and the average growth in another discourse (B). The most recent historical volume could be in the third discourse (C). Discourse D could have a formula that takes C * (1 + (B/A)).
Otherwise, you can purchas a model similar to ProfitStars http://www.manageforperformance.com.
References :
Self (I started as a Financial Analyst, and now I'm a senior executive at a financial institution.)