I'm a Power BI developer mainly focused on basic reporting, but now I'm being asked to lead a project to forecast commodity prices. This is a bit outside my skill set, so I'm looking for guidance. I have access to all necessary tools (SQL, Power BI, Excel) and the data is primarily in Excel files. However, the commodity prices can change rapidly, similar to how oil prices fluctuate throughout the day. Are there tools, techniques, or methods that seasoned analysts recommend for forecasting commodity prices effectively?
1 Answer
First off, make sure you have enough data to build a forecasting model. If you do, this could be a classic time series problem, which is exciting! Just be aware that forecasting commodities can be challenging, depending on how accurate you need to be and your timeline. R is a great option for modeling, and you can integrate it with Power BI using scripts. This could give you a solid foundation for your project.
Thanks for the suggestion! I do have access to the data. Given that commodity prices can change drastically throughout the day, what specific time series techniques would you recommend? I’m open to taking classes to better understand this.