Even if you don’t keep your data in Excel, you can import files or connect to external databases to use its built-in tools and formulas for forecasting. You should always double check your results before deciding.Įxcel offers many tools for forecasting and has the ability to store, calculate, and visualize data. A disclaimer here: Forecasting doesn’t tell you the future or gives you a definitive way to proceed with a decision - it only shows you probabilities and what might be the best course of action. This method can be utilized to better understand and make an educated guess on how to adjust budgets, anticipate future expenses or sales, or other similar decisions. Forecasting is a technique to establish relationships and trends which can be projected into the future, based on historical data and certain assumptions.
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