Basic Excel Business Analytics #54: Basic Forecasting Methods & Measures of Forecast Error

Download files: https://people.highline.edu/mgirvin/AllClasses/348/348/AllFilesBI348Analytics.htm Learn about some Basic Forecasting Methods: 1) (00 Intro to Time Series and Forecasting 2) (02:10) Naïve Method or Most Recent Method for Forecasting 3) (04:34) Forecast Error and Mean Forecast Error MFE 4) (07:00) Mean Absolute Forecast Error MAE. Measure of Forecast Accuracy/Error. 5) (08:29) Mean Square Error for Forecasting MSE for Forecasting. Measure of Forecast Accuracy/Error. 6) (09:12) What does Forecast Error or Accuracy measures mean? 7) (09:46) Mean Absolute Percentage Error. Measure of Forecast Accuracy/Error. 8) (11:16) SUMPRODUCT Array Formula for calculating Mean Square Error for Forecasting 9) (15:37) Average Past Values for Forecasting 10) (21:15) Moving Average Method for Forecasting 11) (26:06) Exponential Smoothing Method for Forecasting using Smoothing Factor Alpha. 12) (29:11) Change Alpha to find smallest MSE 13) (29:35) Use Solver to find smallest MSE. Download Excel File Not: After clicking on link, Use Ctrl + F (Find) and search for “Highline BI 348 Class” or for the file name as seen at the beginning of the video.