Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Objective: Learn how to perform sales forecasting in Excel using historical data Dataset Overview: Use the 'invoice date' and 'price' columns from the dataset. For

Objective: Learn how to perform sales forecasting in Excel using historical data Dataset Overview: Use the 'invoice date' and 'price' columns from the dataset. For simplicity, let's aggregate the sales data by month to forecast monthly sales. Assignment Steps: Prepare the Data: Open your Excel workbook with the imported file provided Create a new sheet or table to summarize sales data by month. Use the SUMIFS function to sum the 'price' for each month. Ensure your sales data is sorted in chronological order. Create a Time Series Chart: Highlight your summarized monthly sales data and insert a line chart to visualize the sales trend over time. This step helps in understanding the data pattern before forecasting. Use Excel's Forecast Sheet Feature: Select your monthly sales data. Go to the "Data" tab on the Ribbon, and click "Forecast Sheet" to open the forecast dialog. Choose a line chart or a column chart for your forecast. Set your forecast end date. For practice, forecast the next 12 months of sales. Excel will automatically generate a forecast based on your data, using the Exponential Smoothing (ETS) algorithm

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Operations And Supply Chain Management

Authors: David A. Collier, James R. Evans

2nd Edition

035713169X, 978-0357131695

More Books

Students also viewed these General Management questions

Question

The quality of the proposed ideas

Answered: 1 week ago

Question

The number of new ideas that emerge

Answered: 1 week ago