Periodic Estimates
Intended audience: END-USERS DATA SCIENCE DEVELOPERS
AO Easy Answers: 4.3
Overview
Values trending in a time series may have repeating patterns that occur at regular intervals. This insight identifies the repeating patterns and the intervals in which they occur.
Values in a time series may trend upwards or downwards over time. This Quick Insight also generates the Trend Line output.
Purpose
To identify and understand regular patterns or cycles in product sales over a specific period.
Business Example
Analyzing sales data to uncover seasonal trends or recurring patterns that affect product performance.
Scenario
A retail company wants to determine if there are any regular patterns in the sales of a particular product, such as increased sales during certain times of the year (e.g., holidays) or specific days of the week. Recognizing these periodic trends is crucial for the company to plan inventory, adjust marketing campaigns, and optimize sales strategies effectively.
For example, if sales consistently spike during the holiday season, the company can prepare by increasing stock levels and ramping up marketing efforts beforehand. Similarly, if there are slower periods, the company might consider promotional activities to boost sales during those times.
Results
By analyzing periodic patterns in sales data, the company can better predict and prepare for recurring fluctuations in demand. This allows the business to optimize inventory levels, timing of marketing campaigns, and staffing to match the expected sales patterns, ultimately leading to better resource allocation and improved sales performance.
Data Sample
Date | Sales | Day of the Week | Month | Promotion | Holiday | Weather |
|---|---|---|---|---|---|---|
2022-01-01 00:00:00 | 43 | Saturday | January | No | FALSE | Snowy |
2022-01-02 00:00:00 | 35 | Sunday | January | No | FALSE | Snowy |
2022-01-03 00:00:00 | 17 | Monday | January | No | FALSE | Sunny |
2022-01-04 00:00:00 | 13 | Tuesday | January | No | FALSE | Snowy |
2022-01-05 00:00:00 | 20 | Wednesday | January | Yes | FALSE | Rainy |
2022-01-06 00:00:00 | 16 | Thursday | January | No | FALSE | Sunny |
2022-01-07 00:00:00 | 18 | Friday | January | No | FALSE | Sunny |
2022-01-08 00:00:00 | 39 | Saturday | January | No | FALSE | Sunny |
2022-01-09 00:00:00 | 39 | Sunday | January | No | FALSE | Rainy |
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