Polynomial – Approximating a Polynomial function to a power There are a number of standard types of trends which can be classified as: However in real life data is rarely this simple.įortunately Excel has a Number of Functions and Tools that allow us to look for trends and use the data natively for forecasting purposes. In the first post we looked at some simple data with only a few points and a trend that was very fairly obvious or was it.Ī number of other linear trends could have equally been used and all look about right. means multiply eg 10.2.M.X = 10.2 * m * x Why do we need to use Excel Functions? ^ means raise to the power eg: 10^2 = Power(10,2) = 100 In this post I will be using the following nomenclature
Readers are encouraged to follow along at your own pace and use the examples in the Examples Workbook attached.Īll charts, tables and diagrams in this post with the associated Excel formulas are included in the Example workbook. This post is going to delve slowly at first and then deeper into some of Excels Statistical Functions. In this post we will look at how we can use Excel built in functions to aid us in forecasting. In the previous post we looked at Manual Forecasting techniques and how Excel can be used to assist. Forecasting using Excel Functions “Todays forecast will be Hot and Humid with a Chance of Snow?” (Even the experts with big computers get it wrong)
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