Software

Respond quickly to business changes with Excel's smoothing add-in

Excel's smoothing add-in helps you predict changes based on previously recorded data. It also makes it easy to adjust your plans to accommodate what's to come.

Excel's smoothing add-in can help you respond to a significant change that may affect business operations by providing a forecast that balances the recent surge in sales with the average number of software packages sold for the entire 30-day period.

Say you've entered the daily number of packages sold for the month of January in A2:32. To use the smoothing add-in, follow these steps:

  1. If this is the first time you have used Excel's add-ins, go to Tools | Add-ins. Otherwise, skip to step 4.
  2. Select the Analysis ToolPak-VBA check box.
  3. Click OK.
  4. Go to Tools | Data Analysis.
  5. Click Exponential Smoothing and click OK.
  6. Click in the Input Range box and select A1:A32.
  7. Enter 0.7 in the Damping Factor box.
  8. Select the Labels check box.
  9. Click in the Output Range Box and enter B2.
  10. Click OK.

Looking at the function's forecast will give you a better idea of how many more packages to order in the coming weeks.

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