Statistical forecasting is a critical component of every modern business, and Rob J Hyndman, Professor of Statistics at Monash University, is an expert in the field. He's the co-author of several books on forecasting, including Forecasting: Principles and Practice, a free on-line book that provides a comprehensive introduction to forecasting methods. You can implement all of the methods in this book using open source R software, and Rob's forecast package. Using these techniques and software, he has solved many important forecasting problems in industry, including:
- Helping the Australian government improve forecasts of pharmaceutical sales, converting a 20% budgeting deficit into a forecast within 1% of actual expenditures,
- Helping fertilizer manufacturers reduce warehousing costs by accurately forecasting sales,
- Helping call centers better schedule call center staff by forecasting the rate of inbound calls, and
- Helping electricity companies forecast long-term electricity demand
If you'd like to learn about statistical forecasting, Rob Hyndman will be giving an on-line course on Statistical Forecasting in R in partnership with Revolution Analytics. Here's a short video describing the course:
The course assumes some knowledge of R and statistics, but assumes no backround in statistical forecasting. The course consists of 2 online 1-hour sessions per week over a six week period beginning on October 21. For more details about the course and to register, follow the link below.
Rob J Hyndman: Online course on forecasting using R