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Creating forecasts based on existing data in Power BI 

by Inforiver | Nov 12, 2023 | ,

In an earlier column, we explored how to create a forecast using a blank template in Power BI. Today we will explore creating a forecast based on already existing data. This can be helpful in several scenarios. 

(a) You can create a forecast based on actual performance (from past periods). 

(b) You can create a newer version of an already existing forecast, instead of updating forecast data directly. This can be helpful when you want to archive older forecast versions or if you want to run variance analysis between forecast versions.  

(c) You want to update the forecast submitted by someone else in the organization. 

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To demonstrate how to do this in Power BI, let us take the example of ACME Corp. The firm already has a forecast (v1) for the year 2023. It wants to create a newer baseline version (v2) of the forecast, on top of which it wants to make further adjustments.  

The steps involved in creating a new forecast based on existing data are as follows: Create your baseline report that shows the existing forecast (v1).  

1. Create your baseline report that shows the existing forecast (v1).  

2023 fc

2. Click on Insert --> Data Input --> Number --> Copy from another series --> Forecast v1, as shown below. 

2023 fc v2

3. This creates a copy of the original series. Name this new forecast as Forecast v2. Click on Create. 

2023 fc v2_1

4. You can start editing the individual cell values. For example, double-click the cell corresponding to Jan --> Forecast V2 for APAC. Type in 11m in the formula bar that appears above the table. 

2023 fc v2_2

5. Press Enter, and the cell value automatically gets updated. In addition, the value automatically rolls up to the top (International and All regions) and updates the grand total.  

2023 fc v2_3

You can continue to make further changes like this to arrive at your finalized forecast version. Leaving the older version of the forecast is helpful to run variance analysis and comparisons as needed.  

The newer version of the forecast can also be written back to a database destination of your choice. 

Explore more about Forecasting in Power BI here.


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About Inforiver!
Inforiver is the fastest way to do everything in Power BI. It enables citizen developer productivity and unleashes true self-service with our intuitive and interactive no-code data app suite for Microsoft Power BI. The product is developed by Lumel Technologies Inc, who are #1 Power BI Visuals AppSource Partner serving over 3,000+ customers worldwide with their xViz, Inforiver, and ValQ offerings.
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About Inforiver!

Inforiver is the fastest way to do everything in Power BI. It enables citizen developer productivity and unleashes true self-service with our intuitive and interactive no-code data app suite for Microsoft Power BI. The product is developed by Lumel Technologies Inc, who are #1 Power BI Visuals AppSource Partner serving over 3,000+ customers worldwide with their xViz, Inforiver, and ValQ offerings.

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