Excel 2016 has a handful of new functions to help you forecast numbers – typically sales data – more accurately than before. The older FORECAST function still exists for compatibility with worksheets created in older versions, but if you’re creating a new sheet, you’ll want to use one of these…
FORECAST.LINEAR: creates a straight-line forecast
FORECAST.ETS: estimates a trend using seasonality
FORECAST.ETS.SEASONALITY: shows the length of a seasonal cycle
FORECAST.ETS.CONFINT: the confidence interval of the estimate
FORECAST.ETS.STAT: calculates 8 statistical algorithms
FORECAST.ETS: estimates a trend using seasonality
FORECAST.ETS.SEASONALITY: shows the length of a seasonal cycle
FORECAST.ETS.CONFINT: the confidence interval of the estimate
FORECAST.ETS.STAT: calculates 8 statistical algorithms
These work the same in both the Windows and Mac versions of Excel 2016. Once you have the results, you can create a chart in the Windows version that shows the forecasts and expected margins of error. The Forecast Sheet chart isn’t available on the Mac edition of 2016.
To create the Excel Forecasting Worksheet highlight the data you want to get the forecast for. In the above sheet we would highlight A1:B7. Then on the DATA menu in the FORECAST group click on FORECAST SHEET. This will bring up the Create Forecast Worksheet window. Below we have created a FREE downloadable PDF cheat sheet and a full searchable list of the 333 Excel Shortcuts for both in Windows and Mac for you! Download it, print it and post it to your wall so that you can get a quick reminder of the best Excel keyboard shortcuts out there.
- The image above shows the brand new forecast worksheet that the Excel Forecast Sheet feature created using the original historical sales data shown above after the Set Manually option button was selected with the setting at zero and selected the Include Forecast Statistics check box before clicking Create in the Create Forecast Worksheet dialog box.
- Excel tutorial on how to use the Forecast Sheet in Excel. The Forecast Sheet button does a quick analysis of data on your sheet and also creates a chart of w.
If you’d like a video of this article, watch it here:
If you’d like to follow along with my file, download this zip file and extract the workbook.
The workbook has two tabs: straight line and seasonality. Self service for mac. Start with the straight line tab. This type of data doesn’t have a cycle, which means the sales don’t depend on the time of year.
The sheet has two columns of monthly data: dates and units sold. You need dates and their corresponding numbers for all the forecasting functions.
The sheet has two columns of monthly data: dates and units sold. You need dates and their corresponding numbers for all the forecasting functions.
The last date for which we have data is May 2017. We want to know what the units sold will be for June through December.
The syntax of a straight line forcast is:
=FORECAST.LINEAR(date to forecast to, range of current sales, range of current dates)
=FORECAST.LINEAR(date to forecast to, range of current sales, range of current dates)
On this sheet, the range of current sales is A5:A33 and the current dates are in B5:B33. To make the calculations easier, I gave these range names of dates_sheet_1 and units_sheet_1. You can see all the range names for this workbook by clicking the Name Box in the upper left corner of the sheet. (If you want, click one of the names to select its range.)
Click in B34 and calculate the first forecasted units, which is for June 2017.
Enter the formula:
=FORECAST.LINEAR(A34, units_sheet_1, dates_sheet_1)
=FORECAST.LINEAR(A34, units_sheet_1, dates_sheet_1)
Hint: you don’t have to type the range names manually. When you start typing a name, Excel displays a list of hints. Select one:
Or press the F3 key on the keyboard (Fn + F3 on the Mac) to display the Paste Name box: a list of all range names on the sheet.
Double-click the one you want. (Do it twice when writing this formula: once to insert the units name and once to insert the dates name.)
Double-click the one you want. (Do it twice when writing this formula: once to insert the units name and once to insert the dates name.)
The function’s result should be 773. Use AutoFill to copy the formula down to the bottom:
How do you forecast data if they are effected by the date? Typical examples are consumer electronics, where sales spike in the 4th quarter of the year, and vacation rentals, where sales spike in the summer.
Notice the Seasonality sheet has 3 full years of data, and in each year, the units sold are significantly higher in the 4th quarters. The seasonality function usually needs 3 years of data for good results.
The syntax for the Seasonality forecasting function has the same 3 arguments as the straight-line function, and 3 optional arguments:
=FORECAST.ETS(date to forecast to, range of current sales, range of current dates, [number of seasonal data points], [data completion], [aggregation])
=FORECAST.ETS(date to forecast to, range of current sales, range of current dates, [number of seasonal data points], [data completion], [aggregation])
ETS stands for Exponential Triple Smooth. Excel estimates the numbers based on trends and seasonality, giving the most weight to recent data, declining exponentially.
Optional arguments
Number of seasonal date points
If number of date points = 0, Excel assumes no seasonality
If number of date points = blank, Excel guesses the number of seasonal date points
Number of seasonal date points
If number of date points = 0, Excel assumes no seasonality
If number of date points = blank, Excel guesses the number of seasonal date points
Data completion
If you don’t have a sales value for a period, choose 0 or 1
1: default. Excel will fill in the blank by averaging the previous and next values
0: missing values treated as zeros
If you don’t have a sales value for a period, choose 0 or 1
1: default. Excel will fill in the blank by averaging the previous and next values
0: missing values treated as zeros
Aggregation
If you have multiple values for the same period, what should Excel do? Options:
1=Average (default)
2=Count
3=Counta
4=Max
5=Median
6=Min
7=Sum
As in the previous sheet, I created range names for you to make this easier.
If you have multiple values for the same period, what should Excel do? Options:
1=Average (default)
2=Count
3=Counta
4=Max
5=Median
6=Min
7=Sum
As in the previous sheet, I created range names for you to make this easier.
In B41, enter the formula, using the above techniques for inserting the range names. To keep it simple, you can leave out the optional arguments.
=FORECAST.ETS(A41, units_sheet_2, dates_sheet_2)
=FORECAST.ETS(A41, units_sheet_2, dates_sheet_2)
The result should be 926. Use AutoFill to copy the formula down to the bottom:
What’s the Seasonal Cycle?
To calculate how many months Excel sees in a cycle, use FORECAST.ETS.SEASONALITY.
The syntax is similar to FORECAST.ETS but with fewer arguments:
=FORECAST.ETS.SEASONALITY(range of current sales, range of current dates, [data completion], [aggregation])
=FORECAST.ETS.SEASONALITY(range of current sales, range of current dates, [data completion], [aggregation])
In B48, enter the formula:
=FORECAST.ETS.SEASONALITY(units_sheet_2, dates_sheet_2)
=FORECAST.ETS.SEASONALITY(units_sheet_2, dates_sheet_2)
The result is 12, meaning the formula sees 12 months in a cycle.
Confidence
How confident are we in the results? A Confidence Interval will tell us how much margin of error above and below the forecast we can expect.
The Confidence Interval function has similar syntax has 3 required arguments and 4 optional ones. The only new one you haven’t seen yet is the confidence level percent.
The syntax is:
=FORECAST.ETS.CONFINT(date to forecast to, range of current sales, range of current dates, [confidence level], [number of seasonal data points], [data completion], [aggregation])
=FORECAST.ETS.CONFINT(date to forecast to, range of current sales, range of current dates, [confidence level], [number of seasonal data points], [data completion], [aggregation])
The default confidence level is 95% (roughly 4 standard deviations).
Enter the formula in C41, accepting the default confidence level:
=FORECAST.ETS.CONFINT(A41,units_sheet_2,dates_sheet_2)
=FORECAST.ETS.CONFINT(A41,units_sheet_2,dates_sheet_2)
The result should be roughly 226. C and use the Decrease Decimal button on the Home tab of the ribbon to remove the decimals.
Let’s now add and subtract these numbers from the forecast to get a table of upper and lower results to expect.
Let’s now add and subtract these numbers from the forecast to get a table of upper and lower results to expect.
In D41, enter this formula to add the confidence to the forecast and get the upper bound:
=B41+C41
=B41+C41
In E41, enter this formula to subtract the confidence from the forecast and get the lower bound:
=B41-C41
=B41-C41
Use AutoFill to copy both formulas down to the bottom:
Statistics
To see statistical relationships between the unit and date range, use FORECAST.ETS.STAT. It can return one of these 8 statistics, using the following code numbers in the function:
1. Alpha parameter of the ETS algorithm
2. Beta parameter of the ETS algorithm
3. Gamma parameter of the ETS algorithm
4. MASE metric
5. SMAPE metric
6. MAE metric
7. RMSE metric
8. Step size
1. Alpha parameter of the ETS algorithm
2. Beta parameter of the ETS algorithm
3. Gamma parameter of the ETS algorithm
4. MASE metric
5. SMAPE metric
6. MAE metric
7. RMSE metric
8. Step size
The syntax is similar to the previous functions:
=FORECAST.ETS.STAT(range of current sales, range of current dates, statistic type, [seasonality], [data completion], [aggregation])
=FORECAST.ETS.STAT(range of current sales, range of current dates, statistic type, [seasonality], [data completion], [aggregation])
World of warcraft crack torrent full mac os x. In B51, use code 2 to find the beta:
=FORECAST.ETS.STAT(units_sheet_2, dates_sheet_2, 2)
=FORECAST.ETS.STAT(units_sheet_2, dates_sheet_2, 2)
The Windows version of Excel 2016 has a button that places an interactive forecast chart on your sheet. On the ribbon, click the Data tab, then click the Forecast Sheet button.
On the bottom of the dialog, click Options to expand the dialog. Here, you have all the options the functions give you. Make your choices, then click the Create button to insert the chart.
Although the Mac version of Excel 2016 doesn’t have this feature, you can still go to the Insert tab on the ribbon and insert a line chart:
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In this article, we’ve researched and collected the top inventory management templates for Excel to help you streamline your inventory tracking process.
Included on this page, you’ll find a stock inventory control template, food inventory template, asset tracking template, and more.
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Stock Inventory Control Template
If you’re managing stock for a retail business or materials to be used in manufacturing, you know how critical inventory management can be for optimizing sales and productivity. This stock inventory control template can help you identify when it’s time to reorder stock, reduce excess inventory, access supplier information, and easily locate items in storage. It’s easy to view the entire lifecycle of your stock, including items on backorder.
We've also included pre-built templates from Smartsheet, a work execution platform that empowers you to better manage your inventory operations with real-time collaboration and process automation.
Basic Inventory Control Template
Simple and easy to use, this basic inventory control template is perfect for a small business or any business that doesn’t need a lot of bells and whistles to manage inventory. View inventory by item name, description or ID number as well as unit price. Track the total quantity and value of your current inventory, reorder dates, and discontinued items. Managing inventory is straightforward with this template because of its clean design. As with all of the Microsoft Excel templates included on this page, the columns can be customized for your business, and calculations are completed for you.
Manage supply chain processes with agility using these helpful templates
Create a single source of truth that connects the procurement, operations, and logistics of your processes so you can manage and mitigate potential supply chain disruptions, keep your projects on track, and maintain visibility across all resources.
Food Inventory Template
This free template is specifically designed for tracking food stock. Restaurants and caterers can organize their inventory based on categories of food, like meat, vegetables, or desserts, and easily view the current quantity of food stock and inventory costs.
Asset Tracking Template
Forecast Sheet Excel Mac 2020
Keep track of your business assets like computer hardware, equipment that needs to be maintained, and tools with this free asset tracking template. This is a simple asset tracking system intended for smaller businesses, but it allows you to view not only the quantity and value of your assets, but also warranty dates, supplier information, physical location, serial numbers and more. To modify the template, simply remove any columns that you don’t need, or add new columns to increase your level of organization and detail.
Equipment Inventory Template
If your business is using costly equipment, use this free template for tracking the value, condition and location of your equipment inventory. Keep track of operating costs, depreciation, loan balances and more. Having all of this information easily accessible will help you know when it’s time for an equipment upgrade, which items are being used the most, which are most expensive to operate, and where equipment is being stored. Boost your operational efficiency and save money by accurately tracking your equipment inventory usage and costs.
Home Inventory Template
In case of a natural disaster, fire or burglary, having a home inventory spreadsheet can make life a whole lot easier. Going through a traumatic experience and losing personal possessions is hard enough without having to remember what items were lost and how much they were worth. This home inventory template makes it easy to document your home assets, including model and serial numbers, purchase price, and current value. The spreadsheet includes a column for location, so items can be organized based on rooms in your home. There are also fields for insurance information so that you can easily access your policy number and insurance agent.
Personal Inventory Template
Like the home inventory template above, this template allows you to record personal belongings so that you’re prepared in the event of a natural disaster or other emergency. A personal inventory template is also a useful tool for simply tracking personal collections such as media, artwork, books and other collectible items. The template allows you to categorize your personal items, describe their condition, and document their value. Since this is a free excel template already created for you, it’s also a quick way to track your valuables.
Software Inventory Template
Forecast Sheet In Excel 2016 For Mac
IT professionals can save time with this software inventory tracking template. Keep track of your software and hardware purchases, license expirations, and upgrades to make managing software inventory easier. This template is specifically for tracking software, which sets it apart from other asset inventory spreadsheets. You can easily locate where certain software was installed, access supplier and purchase information, and view license renewal dates.
Benefits of Using Inventory Templates
The free templates below vary depending on whether you’re managing business assets, personal possessions, food stock, or some other type of inventory. But here are some of the basic benefits individuals and businesses can gain from using templates for inventory management:
- View current inventory levels: A template can provide easy access to the quantities of various products currently in stock, which is a vital first step in keeping operations running smoothly.
- Manage reordering: Tracking inventory will help you accurately identify when products need to be reordered as well as which items are discontinued.
- Create business statistics: View sales patterns, identify best-selling products, and track your top suppliers.
- Protect your investments: This applies to home users seeking insurance coverage for personal property as well as companies tracking computer hardware, tools and equipment, or merchandise. Knowing what you have in stock, where it’s located, and what it’s worth will help you maintain assets and know when it’s time to upgrade.
- Save time and money: Especially for small businesses, a template allows for easy data entry, quick access to product and order details, and a customizable format that can change along with the business.
Improve Inventory Operations with Real-Time Work Management in Smartsheet
Documenting and tracking inventory keeps day-to-day operations running smoothly by avoiding an over- or under-abundance of stock. Having the right tool to manage and report on these processes ensures that you hit expected inventory goals, receive inventory requests in a consistent format, and aren’t bogged down by manually tracking inventory operations.
One such tool is Smartsheet, an enterprise work execution platform that is fundamentally changing the way businesses and teams work. Over 74,000 brands and millions of information workers trust Smartsheet to help them accelerate business execution and address the volume and velocity of today's collaborative work.
Use Smartsheet to improve productivity by tracking inventory operations in a collaborative workspace, so team members and other key stakeholders can easily access and update details in real time, from anywhere. Save time and increase work agility with automated alerts that notify you when inventory is low. Leverage the barcode scanning feature to count items, confirm retrieval, and check price information, all from a mobile device. Streamline inventory data collection with easy-to-use forms that capture consistent information and store it in one central location to be tracked and managed.
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