The Forecast function can either calculate or predict the future value with the help of current value. A predicted value is the y-value that comes from a given x value. The popular values are both x- and y-values, while the new value will be predicted with the help of linear regression. This function is useful for prediction of the future sales, along with requirements of the inventory, or even trends of customers.
Parameters of Forecast Function
The forecast function has different arguments that are all required.
X: This is essential. It is a data point, for which the user want to predict the value.
Known_y's: This is also essential for the function. It is either a dependency array or data's range.
Known_x's: This is essential. An independent array that can also be data's range.
Example 1: Simple Forecast Formula
The data in this example has been layout on the table, and we need to try and predict the future value. Our business would need to predict the future, and we are using the date to acknowledge future predictions.
Example 2: IF and Forecast
This is about using the forecast in combination with IF functions. These two will address the issues that are associating with knowing how to predict the future. This data already makes it possible, and looks like this:
Example 3: Minimum and Forecast
The business is booming. But, we do not want to make assumptions about the ways that the business was built. The usage of forecast in this example, is about using the minimum sales.
Example 4: Maximum and Forecast
The maximum and forecast formula is combined together to get result.
Example 5: Double Forecast Formula
This example use two different forecast formulas together:
Example 6: Match and Forecast
The business is having some misunderstanding of the whole data, and we need to know that the business itself has a full comprehension. This example use both Match and Forecast functions.
Example 7: Multiple Results
This example handle issues that explain how to use the same data, and get results for three different cells. These cells will be marked, before typing in the formula Once formula is written, then you could press the F2, followed by the CTRL (CMD on apple) + SHIFT and then press enter.
Example 8: Forecast minus Minimum
This is the formula, where we are working on a more sophisticated information. The example explains prediction of the future value, but also minus minimum of the details.
Example 9: Forecast with Text
This example is what makes it possible to predict something, especially under the circumstances that it has been layout and labeled.
Example 10: Average and Forecast
The understanding of this situation is, we would like to use the average function in combination to the forecast function to find out the value of the prediction.