Plan IQ historical data in data collection - should it only contain [target data]?

KimJeongjun

Hi

I'm curious about how to set the data collection - historical data.

I want to make a prediction about revenue, and have some historical data.

but I also have other historical data, which is revenue and promotion, and those data is related to the revenue data (this is known from other analysis)

but I cannot make any related data in my data collection because I cannot provide the revenue and promotion data of the future timescale (I have only past data of those)

in this case, can I put those data in the historical data (as a different line item) to make more precise forecast on revenue? Or should I limit the historical data only for the target data for prediction?

 

thank you

Kim

ArunManickam

Hello @KimJeongjun 

 

Assuming Revenue forecast is what you predict using your historical revenue (Actuals)

Promotions is the related data which has correlation with revenue

 

If you do not have promotions for the future, you planIQ model will produce the baseline revenue without including any promotional uplift for the future.

 

Hope it answers your question.

 

Thanks

Arun