Demand curve: meals and drinks

Data-Driven Decision Making for Business

Ted Kwartler

Data Dude

Understanding demand, helps you ensure supply

Resource supply $$

Supply

Resource demand $$

Demand

Data-Driven Decision Making for Business

Time series arrival patterns

Example of a time series chart

  • x-axis is the time periodicity
  • y-axis is a volume to be measured
Data-Driven Decision Making for Business

A time series chart

Example of a time series chart

Data-Driven Decision Making for Business

Supply and demand

  • Line chart represents the demand
  • Create a corresponding supply

Arrival Time Series

Data-Driven Decision Making for Business

Use common sense

  • Data scientists use the arrival pattern to predict future demand
  • Mistakes can occur

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Common pitfalls

  • Inconsistent trend compared to business knowledge
  • Decimal points when integers are needed
  • Negative numbers that don't apply in the real world
Data-Driven Decision Making for Business

A questionable forecast

Impractical Time Series

Data-Driven Decision Making for Business

Let's practice!

Data-Driven Decision Making for Business

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