Using Forcast Function in Excel

[Nick Anderson]

I work for a company that is wanting a run rate to determine the number of
polices that we are going to sell by the end of the month. We have a goal
already preset and they want to know as each day passes where we are going to
be at for the end of the month for policies. I have used the forecast
function but it does not seem to be working. I dont have two rows of data
only one, can some one help me to determine if the Forecast function is the
correct on to be using or is there something better?

 

[ryguy7272]

From Excel's Help Menu:
FORECAST:
Calculates, or predicts, a future value by using existing values. The
predicted value is a y-value for a given x-value. The known values are
existing x-values and y-values, and the new value is predicted by using
linear regression. You can use this function to predict future sales,
inventory requirements, or consumer trends.

Syntax
FORECAST(x,known_y's,known_x's)

TREND:
Returns values along a linear trend. Fits a straight line (using the method
of least squares) to the arrays known_y's and known_x's. Returns the y-values
along that line for the array of new_x's that you specify.

Syntax
TREND(known_y's,known_x's,new_x's,const)

Finally, you can use dates in the column adjacent to your data.

Regards,
Ryan--

 

[Nick Anderson]

Thanks for the post.

When you say use the dates adjacent to your data, what area of the formula
either for forcast or trend would that apply?

~NICK~

 

[ryguy7272]

As is says in the help menu for trend, you can use dates in you’re A Column
and values in your B Column. According to you, you only have one row of data
(I think you mean column of data). In any event, take your column of data
(i.e., policies that you plan to sell) try to transpose it, if it is in row
format, and enter a range of dates next to the policies, then use the TREND
function according to the help menu. I used this before, perhaps two years
ago. I forget the finer details now, but as I recall it worked quite well
for myself and for some of the supervisors in my department. Post back if
you have more questions.

Regards,
Ryan---