In this article, we will explore what the FORECAST function is. We also cover how to use the FORECAST function in spreadsheets. Simply follow the steps below.
The FORECAST function in is a powerful tool used for making predictions based on existing data, typically in linear regression analysis. This function is particularly useful for forecasting future values based on historical data trends.
The basic syntax of the FORECAST function is:
FORECAST(x, data_y, data_x)
Where:
x is the independent variable for which you want to forecast a value. This is the point on the X-axis you are forecasting a value for.
data_y is the range of the dependent data set (historically known values). These are the data points corresponding to the Y-axis.
data_x is the range of the independent data set. These are the data points corresponding to the X-axis and should correspond in size and order to data_y.
Follow the steps below to use the FORECAST function to predict future data based on existing trends. In this example, we will use a simple dataset to demonstrate how you can forecast future sales or other metrics.
Start by opening a new spreadsheet. Enter your data, with one column for the independent variable (such as dates) and another for the dependent variable (like sales figures).
In the provided dataset, 'Date' is the independent variable (x values) and 'Sales' is the dependent variable (y values). In other cases, x can be any numerical independent variable.
Select an empty cell where you want the forecasted result to appear. This cell will display the predicted value.
Type in “=FORECAST(DATE(2024,1,1), B1:B12, A1:A12)” to predict sales for January 2024 using the provided dataset.
After entering the formula, press Enter. It will calculate and display the forecasted value for the specified date.
Examine the forecast result to understand the estimated sales for the future date based on historical trends.
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