I have data from last year (2012) as well as data for earlier in 2013. I'm looking for a formula to use the trends in 2012 as well as prior 2013 to forecast the rest of the year.
All of the forecasting function help I've seen only will look at one set of data. Is it possible to have it look at both?
Nevermind! Figured it out!
Last edited by dianaschar; 10-18-2013 at 04:38 PM. Reason: Figured it Out
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I just used last year as the "X" value, and then this year as the "Y" value.
Curious - I do a lot of Forecasting, what are you forcasting? are you using Excel's forecasting function, which uses the "Open Box" method? Or do you need help with creating an expentional forecast? Like below?
Alpha*[Actual]+(1-Alpha)*Previous forecast
'Alpha' is the smoothing constant, which is a number between 0.1 to 0.9..
I'm trying to forcast # of lbs produced based on earlier 2013 data and 2012 data. What is the difference between using the forcast function and using what you proposed? Which method do you think works better?
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