Based on extensive experience with our clients, SimaFore has developed a robust process methodology.
Very briefly, this involves the following steps:
- Identify the business analytics problem
- Capture the client's initial mental model of the problem
- Identify endogenous and exogenous data sources which may have a relevance
- Reduce the dimensionality of the problem using various feature selection and detection tools
- Formulate a simulation model
- Test the model
- Perform sensitivity and robustness evaluations of the model
- Perform "what-if" scenario simulations
- Train client to use the process and tools - Institutionalize the forecasting process
