How the forecast feature works?
When you’ve selected multiple series to use in a document, the application will make some adjustments to the series so that you can work with a common set of observations. The second parameter that is taken into consideration in this process is Forecasts tab (for more information see The order of calculations).
The forecast function allows you to add future values or change historical values of the time series you’re working with. When performed in the Series list, the forecasts will be applied on the series before any frequency, currency conversion or formula calculations have been applied. In other words, forecasts here are applied to the raw data of selected time series.
Backfilling currency data
Forecasts can also be added to the series used to calculate a currency conversion – as in this example using the Central Bank Balance Sheet for Euro Area, Japan and USA.
If you want to apply a currency conversion to a series you’ve added forecasts for, you can also add forecast values to the exchange rate series that will be used. If you don’t, the application will simply use the last value available for the exchange rate series.
Forecast analysis
We also have have an analysis which you can add in any point on the Analysis tree. For more information see Forecast.
How to add forecast values?
- Select and add the series you want to work with, to the Series list
- In the Series list select the Forecasts tab
- Click on the edit button to open the Edit forecast dialog box
- Select a Value method
- absolute values
- absolute differences relative other values
- percent changes relative other values.
- Select a Date method
- points in time
- number of years since the previous forecast or value
- Select the scale to make it easier to enter forecasts for series expressed in millions or billions.
- Add new values to the relevant columns shown.
- All added values will be shown as forecasts in the chart, using 50% opacity.
Keep in mind
- Forecasts are added using the original frequency of the time series
- Changing the frequency of a document will result in a frequency conversion of all series values, including forecasts
- Define how empty values should be treated, under Missing Value Representation in the conversion settings tab
- If you want to apply forecasts after performing a calculation on the series, rather than adding forecast values to the raw data, select the Forecast from the list of analyses, in the analysis tree.
More questions
If you have more questions, for example How to hide forecast line in legend? see our Forecast analysis page.
If you want to know how to extend series using mechanism inside Forecast analysis see more information under In-app features - Forecast tab.