Join Conrad Carlberg for an in-depth discussion in this video Exponential smoothing tool, part of Business Analytics: Forecasting with Exponential Smoothing.
- [Instructor] Microsoft Excel comes with two add-ins…that you should know about…if you want to do exponential smoothing.…Here's how to load the add-ins…if you haven't done so already.…Begin by going to the File tab, and clicking it.…And in the nav bar, choose Options at its very bottom.…And on the Excel Options dialog box,…come down near the bottom of this nav bar…and click Add Ins.…And then at the bottom of that window,…make sure that the drop down says Excel Add-ins.…
And then click Go.…Fill the checkbox for the Analysis ToolPak.…That, by the way, is just a legacy term…for what's now called the data analysis add-in.…Also, fill the checkbox for the Solver Add-in.…We'll be using Solver a good bit later on in this course,…so we may as well go ahead and get it loaded now.…Then click the OK button.…And on the Data tab,…you'll notice that there's a new Analysis group,…at the right hand of the ribbon.…
With both Data Analysis and Solver in it.…Microsoft Excel's data analysis add-in…includes an exponential smoothing tool.…
- Demonstrate how to evaluate a baseline using a correlogram.
- Identify the drawbacks of using Microsoft Excel’s exponential smoothing tool.
- Explain the different ways you can initialize the first forecast.
- Compare the average raw deviation forecast with the mean absolute deviation forecast method.
- Break down the reasons to use R instead of Excel for exponential smoothing.