Excel - One click Forecasting Tutorial

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Objectifs :

Understand the new forecasting features in Excel 2016, including exponential smoothing and the one-click forecasting button, and learn how to create and customize forecast visualizations.

Chapitres :

Introduction to Forecasting in Excel 2016
In Excel 2016, users gain access to enhanced forecasting capabilities that go beyond the linear forecasting available in previous versions. This update introduces exponential smoothing, allowing for more accurate predictions based on historical data.
Using the One-Click Forecasting Button
To quickly create a forecast visualization of your data series, navigate to the Data tab and click on the 'Forecast Sheet' button. This feature simplifies the forecasting process, making it accessible even for users with minimal experience.
Creating a Forecast Visualization
Once you click the 'Forecast Sheet' button, a wizard will appear, guiding you through the forecasting process. Here are the steps to create your forecast visualization: - **Adjust Forecast Parameters**: You can modify common forecast parameters to suit your data. - **Choose Visualization Type**: Select either a line chart or a column chart for your forecast visualization. - **Set Forecast End Date**: Specify the end date for your forecast. - **Click Create**: After making your selections, click 'Create' to generate the forecast.
Exploring Additional Options
After clicking 'Create', Excel generates a new worksheet that includes both a table of historical and predicted values. This worksheet will appear to the left of your current sheet, providing a clear view of your data and forecasts.
Conclusion
The new forecasting features in Excel 2016 empower users to make informed predictions using advanced methods like exponential smoothing. By utilizing the one-click forecasting button and customizing your visualizations, you can enhance your data analysis and decision-making processes.

FAQ :

What is the difference between linear forecasting and exponential smoothing in Excel?

Linear forecasting predicts future values based on a straight-line relationship with historical data, while exponential smoothing gives more weight to recent data points, making it more responsive to changes.

How do I create a forecast in Excel 2016?

To create a forecast in Excel 2016, go to the Data tab and click on the Forecast Sheet button. Follow the wizard to adjust parameters, choose a chart type, and set a forecast end date before clicking Create.

What types of charts can I use for forecasting in Excel?

In Excel, you can choose between a line chart or a column chart for your forecast visualization, depending on your preference for displaying the data.

Where can I find the forecasted values after creating a forecast in Excel?

After creating a forecast, Excel generates a new worksheet that contains both the historical and predicted values, which you can find to the left of the original data sheet.

Can I adjust the forecast parameters in Excel?

Yes, during the forecasting process in Excel, you can adjust common forecast parameters such as confidence intervals and seasonality options.

Quelques cas d'usages :

Sales Forecasting

A sales manager can use Excel's forecasting tools to predict future sales based on historical sales data, helping to set realistic sales targets and inventory levels.

Budget Planning

A financial analyst can apply exponential smoothing to forecast future expenses based on past spending patterns, allowing for more accurate budget planning.

Project Management

Project managers can utilize Excel's forecast sheet to estimate project timelines and resource allocation based on historical project data, improving project planning and execution.

Demand Forecasting in Retail

Retail businesses can leverage Excel's forecasting capabilities to predict customer demand for products, enabling better stock management and reducing overstock situations.

Performance Analysis

Data analysts can use forecasting in Excel to analyze trends in performance metrics over time, helping organizations make informed decisions based on predicted future performance.

Glossaire :

Linear Forecasting

A method of predicting future values based on a linear relationship between historical data points.

Exponential Smoothing

A forecasting technique that uses weighted averages of past observations, with more weight given to recent observations.

Forecast Sheet

A feature in Excel that allows users to create a visual representation of forecasted data based on historical data.

Forecast Parameters

Settings that can be adjusted in the forecasting process, such as confidence intervals and seasonality.

Line Chart

A type of chart that displays information as a series of data points called 'markers' connected by straight line segments.

Column Chart

A chart that uses vertical bars to represent data values, making it easy to compare different categories.

Worksheet

A single page in an Excel workbook where data is organized in rows and columns.

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In Excel 2016, the forecast function has been extended

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to allow forecasting based on exponential smoothing.

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This functionality is also available as a new one-click forecasting button.

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On the Data tab, click the forecast sheet button to

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quickly create a forecast visualization of your data series.

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From the wizard, you can also find options to adjust

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common forecast parameters, choose a line chart or column

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chart for your forecast visualization,

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choose a forecast end then click Create.

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Here you can find more options, when you click on Create,

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Excel creates a new worksheet that contains both a table

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of the historical and predicted values and a chart that expresses this data.

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You'll find the new worksheet just to the left,

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in front of the sheet where you entered the data series.

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