11 Dec Create a Forecast in Tableau

In this lesson, learn to create forecasting in Tableau. We will forecast the value of the measure Profit for the next 3 years.  Let us first understand what forecasting is and what are the best practices.

What is Forecasting in Tableau

Forecasting in Tableau is a predictive analytics feature that allows users to predict future trends and patterns in their data. It uses a combination of statistical models and machine learning algorithms to generate forecasts based on historical data.

Features of Forecasting in Tableau

• Automatic Model Selection: Tableau automatically selects the best forecasting model based on the data.
• Confidence Intervals: Tableau provides confidence intervals to indicate the uncertainty associated with the forecast.
• Forecasting for Multiple Time Series: Tableau allows users to forecast multiple time series at once.

Steps to Create a Forecast in Tableau

1. Drag a Date Field to the Columns Shelf: This will create a time series view.
2. Drag a Measure to the Rows Shelf: This will create a line chart or area chart.
3. Click on the “Analytics” Pane: This will open the analytics pane.
4. Click on “Forecast”: This will create a forecast for the selected time series.
5. Adjust the Forecast Settings: Users can adjust the forecast settings, such as the forecast period and the confidence interval.

Best Practices for Forecasting in Tableau

• Use a sufficient amount of historical data: A minimum of 2-3 years of historical data is recommended.
• Choose the right forecasting model: Tableau automatically selects the best forecasting model, but users can also choose from other models, such as ARIMA or exponential smoothing.
• Monitor and adjust the forecast: Forecasts should be monitored and adjusted regularly to ensure accuracy.

Example to create a Forecast in Tableau

Let us forecast the value of the measure Profit for next years. We have created a new Tableau workbook Amit_Tableau_Forecasting.twb, and used the same Sample – Superstore.xls.

Drag the Dimension Order Date to the Columns and Measure Sum to the Rows. This creates a Line Chart:

Go to the Analysis menu and click Forecast:

Now, the forecast is visible with the indicator:

Right-click the forecast line chart, and click Forecast, and then Forecast Options:

Now, under the Forecast Options, set the Forecast Length, Model, etc.

The default is the following:

We will set the Forecast Length to Exactly 3 years using the option button. Click OK:

Describe Forecast

Let us get each detail of our Forecast. Right-click the predicted line chart. Click Forecast, and then Describe Forecast:

The forecast details are here:

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Read More:

• Create a Line Chart in Tableau
• Create a Bar/ Column Chart in Tableau
• Create a Pie Chart in Tableau
• Create a Map in Tableau
• Create a Tree Map in Tableau
• Create a Scatter Plot in Tableau
• Create a Bubble Chart in Tableau
• Tableau – Filters and its types
• Tableau – Filter Dimensions
• Tableau – Filter Measures
• Tableau – Filter Dates
• Create an Area Chart in Tableau
• Create a Heat Map in Tableau
• Create a Histogram in Tableau