From the course: Financial Forecasting with Big Data
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Regressions for forecasting - Microsoft Excel Tutorial
From the course: Financial Forecasting with Big Data
Regressions for forecasting
- [Narrator] Once we've gone through, figured out what our question is, gathered our data, cleaned it up, and ran our analysis, then we're ready to test our options. Now, the reality is that big data today is generally used for monitoring and identifying problems. And the reality is that that's great, but it's really not fully capturing the power that data has. It's not using data to make forecasts the way we've talked about so far. In fact, in many business cases today, there's limited use of data for making decisions thus far. Best practice at most firms is to allow tests on variables based on our decisions. In particular, we want to gather that data and then figure out how to harness it to make choices. For example, one classic business question that almost every firm faces is how much marketing should we use on our product? What is the optimal amount of marketing spend? In particular, we might ask, how is profit going to be impacted if our marketing spend is doubled? This is…
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