Forecasting Methods

Written by Scott Martin
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There are many different forecasting methods available to analyze your data. One of the most important tasks is to choose the method that is appropriate for your study design. Regardless of your design, there are some rules of thumb when it comes to analyzing your data.

Forecasting Methods Advice

First off, be careful when you purchase new forecasting methods software. Not all software packages work in the same way, so it is necessary to learn the functions and features of your latest purchase. Additionally, you will need to learn whether the procedure you are conducting in one package is equivalent to the same procedure in the old packages.

Many software packages provide tools to help select the correct method for you data. However, these built-in tools do not always disclose their decision rules. Hence, you might as well be putting your data into a black box and pulling results out from the other side. It is very important to know whether your data fits these automatic tools or if you need to use another analytic technique.

After you have spent much time and effort in designing your forecasting methods, you do not want to ruin your research by using the wrong software. A statistical consultant can help you navigate though the many software packages available and all of their features. They can then either conduct the analysis or sometimes they will tutor you on how to do the analysis yourself.


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