In this video, the instructor demonstrates gathering financial data, and shows how to gather financial data from the Federal Reserve Economic Database (FRED).
- [Instructor] All right, we figured out our question.…We're going to forecast a key variable…that our company has never thought about before.…Now we need to gather the data…that's going to let us do that forecasting.…The reality is that your firm and all businesses out there…have access to lots of data.…You might not realize it though.…You have proprietary data,…like customer data that's available to you,…but you also have publicly available data.…For instance, from the US Census Bureau…and the Federal Reserve.…The data that your going to need…depends on the question that is being asked.…
Typically, a mix of public and private data…is going to be what's needed in most circumstances.…Where can you get data…for a question you might be interested in answering?…Well, there's three different techniques.…First, you can buy it,…you can build it based on your own proprietary data,…or you can gather it for free.…There's lots of the data vendors out there…that will sell you data.…Just do a Google search and you'll find many of them.…
Join Professor Michael McDonald and discover how to use predictive analytics to forecast key performance indicators of interest, such as quarterly sales, projected cash flow, or even optimized product pricing. All you need is Microsoft Excel. Michael uses the built-in formulas, functions, and calculations to perform regression analysis, calculate confidence intervals, and stress test your results. You'll walk away from the course able to immediately begin creating forecasts for your own business needs.
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- List the two methods of making decisions.
- Identify the most common method of conventional financial forecasting.
- Describe common challenges that come when trying to merge data.
- Assess the types of questions that business intelligence is best suited to answer.
- Distinguish the statistic that is most useful for estimating the impact of an X variable on a Y variable.