{"id":2168,"date":"2021-08-04T05:09:57","date_gmt":"2021-08-04T05:09:57","guid":{"rendered":"https:\/\/www.aspectratioai.com\/?page_id=2168"},"modified":"2022-07-12T10:09:47","modified_gmt":"2022-07-12T10:09:47","slug":"hybrid-forecasting","status":"publish","type":"page","link":"https:\/\/www.aspectratioai.com\/case-studies\/business-forecasting\/hybrid-forecasting\/","title":{"rendered":"Hybrid Forecasting Case Study"},"content":{"rendered":"\t\t
Traditional forecasting was rendered incomplete with the advent of COVID-19. Teams at Aspect Ratio were tasked with developing forecasting models that were more inclusive of the effects of the COVID-19 pandemic.\u00a0<\/p>
\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Trends inherent in past data are used to estimate future values.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
COVID-19 led to a ‘trend break’ – making pre-COVID data not directly usable for forecasts.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
A hybrid approach was formulated that made use of external data such as those extracted from sources like Google Trends and COVID-19 case counts.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
Using Predictive Modelling, we were able to assess the impact of COVID-19 and account for it in the forecasts.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
Trends inherent in past data are used to estimate future values.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
COVID-19 led to a \u2018trend break\u2019 \u2013 making pre-COVID data not directly usable for forecasts.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
A hybrid approach was formulated that made use of external data such like extracted from sources such as Google Trends and COVID-19 case counts.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
Using Predictive Modelling, we were able to assess the impact of COVID-19 and account for it in the forecasts.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t