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how do I use the forecast function in Excel?

  1. #1
    Debs
    Guest

    how do I use the forecast function in Excel?

    I am trying to use the forecast function, but can not understand how to
    decide what my "x" is or if I am trying to find the forecast of one set of
    information, what are my "known Y" and "known X"? Any help on how you have
    used this and perhaps a better description for each of the elements I need to
    enter to use the formula.
    thanks

  2. #2
    Jerry W. Lewis
    Guest

    Re: how do I use the forecast function in Excel?

    See HELP for "FORECAST worksheet function"

    known_x and known_y ranges combine to define two or more (x,y) pairs
    that you want to model by a straight line. "x" is the x value of some
    point on the line that want to know the y-value for.

    If your known_x and known_y ranges contain more than two (x,y) pairs,
    then the fitted line will pass "near" (in the least squares sense) all
    the known values, but does not necessarily pass exactly through any of
    the known values.

    The assumptions under which the least squares fit gives is optimal
    includes the assumption that measurement error for the x values is
    negligible.

    Jerry

    Debs wrote:

    > I am trying to use the forecast function, but can not understand how to
    > decide what my "x" is or if I am trying to find the forecast of one set of
    > information, what are my "known Y" and "known X"? Any help on how you have
    > used this and perhaps a better description for each of the elements I need to
    > enter to use the formula.
    > thanks



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