Guide
External data in forecasting
Sales history explains the usual. External data explains the unusual.
Types of external data
External data is any information from outside the store’s own sales records that helps explain demand. Chopp names six families: weather patterns, local events, traffic flows, seasonality trends, holidays and schedules.
What makes a good signal
- Known in advance: available at the time an order is placed.
- Relevant locally: measured for the store’s area.
- Consistent history: available for past periods so a model can learn its effect.
Related
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