Congratulations!
1. Congratulations!
Congratulations! You have completed the course on product demand forecasting.2. What Did You Learn?
Just as a recap. We first talked about time series in the context of forecasting demand of a product. Next, we learned about using linear regression to incorporate external factors in forecasting demand. Once we had each of these two pieces, in chapter 3 we learned about blending them together mathematically in transfer functions as well as blending the forecasts with ensemble modeling. Last, we wrapped it all up by looking at how demand works in a hiearchy by reconciling up and down the hierarchy.3. What Next?
Of course, more can be done with demand forecasting. There are more things than just price and promotion that can drive demand for your product. What about competitor prices? Seeing how competitor pricing drives your product demand deals with cross-elasticities. When it comes to hierarchical forecasting, we don't just have to use historical proportions to drive top-down reconciliation. You could always use time series methods to forecast future proportions. Speaking of time series. We only scratched the surface of time series forecasting methods. There are neural networks, exponential smoothing models, and so much more. This leads me into recommendations for further learning. Time series is a fun subject to dive deeper on and there are many Datacamp courses that can help. There are also many courses on linear regression and other statistical modeling techniques to help predict demand.4. Let's practice!
Congratulations again! I look forward to seeing you around Datacamp!Create Your Free Account
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