Forecasting Using Minitab

Amit Barik

Jan 14, 17

 

Steps involved in forecasting using Minitab

  1. Arrange the data in time series sequence.
  2. Once the data is collated, insert it in Minitab.
  3. Then check whether data is showing any kind of seasonality.
  4. To check seasonality use regression, here use the time sequence as the factor of your project Y.
  5. 1st
  1. So now you can conclude whether seasonality should be included in your forecasting model or not.
  2. To forecast data please use trend analysis in Minitab.

2nd

7. We need to individually check all the 4 types of models.

3rd

8. Check the accuracy measures of all the 4 models, whichever is smaller, that model is providing the best fit for the data.

4th

9.Then mention the time period till when we want to predict or forecast the behavior of Y, figure above showing the the six week forecasting.

5th

share on ...Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInPin on Pinterest
Posted on

Leave a Reply