Learn how to use exponential smoothing to forecast future needs in Excel 2013 for Time Series Analysis.
Exponential Smoothing forecasts demand in the next time period by taking into account the actual demand in the current period and the forecasted demand for the current time period.
Please visit (and subscribe to) my YouTube Channel to view methods of forecasting such as the Simple Moving Average and Weighted Moving Average methods.
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In this video I explain how to create a forecasting model in Excel for a data set that involves both trend and seasonality. I chose not to de-seasonalize data set before finding the trend parameters.
Dataset URL: Copy and Paste it into Excel or work in Google Sheets
An alternative method could be to use a multiple linear regression model. And I think the regression model is more practical. Yes, I have recorded a video for that as well. The link for the video is https://youtu.be/KE_mk9wvu6U
These videos are created for the students at The College at Brockport, State University of New York. However anyone can benefit from them as they should work for any Operations Management class.