Forecast Sheet In Excel 2016
Definition of Forecast: To predict (a future condition or occurrence); calculate in advance:
If we have data based on time, we can create a Forecast Sheet in Excel 2016. In order to create a Forecast in Excel we must have two data series that correspond to each other:
A series with time or date entries for the timeline
A Series with corresponding values
When we create a Forecast, Excel creates a new worksheet that contains a table of the historical and predicted values and also a chart that expresses the data. With the Forecast, it can help us to predict future sales, consumer trends and etc.
As mentioned above we must have filled in the necessary data in order to create our Forecast Sheet, as shown in the image below. Once created we must select the data.
Then we must select the Data tab and from the right area of the ribbon we locate the area Forecast and select the Forecast Sheet button as shown in the image below.
Once the Forecast Sheet command is selected, a new window appears named Create Forecast Worksheet as we can see below. In this window we are prompted to Use Historical Data To Create A Visual Forecast Worksheet. At the right corner of the window we can select to visualize our Chart either with the Line or Column Type Chart. All we have to do is to click on the desired one. At the bottom of the window and under the Chart, we can change the Forecast End button by clicking on the Calendar button or we can select the Options button in order for us to view more commands.
Once we select the Options command more commands will appear that are available for us to use:
- Forecast Start: We Can Select Where To Start Our Forecast
- Confidence Interval: Is A Type Of Interval Estimate Of A Population Parameter
- Seasonality: Indicates The Number Of Points In A Recurring Seasonal Pattern
- Detect Automatically
- Set Manually
- Include Forecast Statistics: Includes A Table Of Forecast Accuracy Metrics And Smoothing Factors
- Timeline Range: The Historical Timeline Used To Calculate The Forecast
- Values Range: The Historical Values Used To Calculate The Forecast
- Fill Missing Points Using
- Aggregate Duplicates Using
Once we have finished all the adjustments needed we just press the Create button in order for the Forecast Sheet to be created.
Immediately, a new sheet is created where a pop-up dialog box appears notifying us with the following:
The table contains a copy of your data with additional forecasted values at the end.
You can manually edit the forecasting formulas in this sheet, or return to your original data to create a different forecast worksheet
In the image below, we can see the Forecast Chart that has been created among with a Table of Data that contains Forecast (Sales), Lower Confidence Bound (Sales) and Upper Confidence Bound (Sales). We can analyze the Forecast Sheet depending on the Data that it was created with, or we can create a New Forecast Sheet.
So, the procedure of creating a Forecast Sheet is quite simple and easy. It all depends on the Data that we insert in our Worksheet in order for it to be created.
Below you can check out the video describing the procedure on how to create a Forecast Sheet in Excel 2016.
Posted on June 1, 2016, in Excel 365 English, Microsoft Office 365 ProPlus English and tagged Aggregate Duplicates Using, Column, Confidence Interval, Data, Forecast End, Forecast Sheet, Forecast Sheet In Excel 2016, Forecast Start, Include Forecast Statistics, Line, Seasonality, Timeline Range, Upper Confidence Bound, Use Historical Data To Create A Visual Forecast Worksheet, Values Range. Bookmark the permalink. Comments Off on Forecast Sheet In Excel 2016.