- [Instructor] One of Power BI's most powerful features
is forecasting.
This tool is a game changer for anyone working
with time-series data.
First, it's important to note
that this feature is currently available only
for line chart visuals.
So if you're working with time-based data,
make sure you're using a line chart
to take advantage of this capability.
Now, what makes this feature truly useful
is customizability.
You have control over key parameters like forecast length
and confidence intervals.
The forecast length determines how far into future you want
to predict, while the confidence interval allows you
to adjust the range of your prediction based on
how certain you want to be.
Another great aspect about this tool is its flexibility.
You can experiment with different settings to see
how this affects your forecast.
This tool allows you to fine tune your predictions based on
specific data model and business needs.
Visually, it's quite intuitive.
So the forecasting feature extends your existing line chart,
adding a section that represents your
predictive future value.
The real power of this tool is in its ability
to enable data-driven decision making.
As an analyst, you can now provide stakeholders
with visualized predictions
of future trends all within your Power BI reports.
This can be invaluable for strategic planning
and resource allocation.
Remember, while this tool is powerful,
it's based on historical patterns.
Always combine these forecast with your industry knowledge
and other relevant factors when making important decisions.
Now let's see a demo.
Go over the visualization tab and click on forecast.
When we expand the graph, you see that we have data
for 2014, and it has predicted data for 2015,
and it's that easy to forecast data.
Now think about how this can be used within your
organization, whether that is to predict sales, whether
that is to predict churn, whether that is
to predict when employees are likely to take PTO,
or what time of the year your sales is likely
to increase and decrease.
All of this can now be done with a click of a few buttons.