From the course: Business Analytics: Forecasting with Trended Baseline Smoothing
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Prepare for analysis with R
From the course: Business Analytics: Forecasting with Trended Baseline Smoothing
Prepare for analysis with R
- [Instructor] If you do much forecasting of numbers such as revenues, customers, passenger flight miles, or even sun spots, it's likely that you'll find the statistical freeware application R is more convenient than Excel for routine forecasting tasks. For example, R does not force you to enter the actual equations on the worksheet. Nor does it require that you be familiar with the solver add-in to perform maximum likelihood analysis. On the other hand, R's forecasting functions are inside a black box that makes it difficult to even formulate questions about what's going on in the analysis unless you already know the answers. So, both applications offer strong points and it's a good idea to be familiar with how they perform exponential smoothing. In this video, we'll take another look at the forecast that was built using Excel in the prior video. Here, we'll do it using R. Before you start, please make sure that the DescTools and forecast packages are already installed. Enter this…
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