I use FORECAST in Google Sheets to predict future values in my data set. I enter the known values into the "known_x" column, and then the formula predicts the value in the "y" column for the next row. This is especially helpful when I want to predict future sales or budget values.
The syntax of FORECAST in Google Sheets is:
where "x" is the independent variable, "y" is the dependent variable, and "interval" is the forecast interval.
An example of how to use FORECAST in Google Sheets is to input historical data for a set of data points, and then use the FORECAST function to predict future values. In the example below, the spreadsheet is used to predict the number of widgets that will be sold in each of the next five months. The historical data for the number of widgets sold over the past five months is used to generate a trendline, and the FORECAST function is used to predict the number of widgets that will be sold in each of the next five months.
There are a few occasions when you should not use the FORECAST function in Google Sheets. One instance is when you have two series of data that are not linearly related. In this case, the FORECAST function will not produce accurate results. Additionally, you should not use the FORECAST function when you have data points that are not evenly spaced. Finally, you should not use the FORECAST function if you are trying to predict values for more than one future time period.
There are a few similar formulae to FORECAST in Google Sheets. The first is PASTECONV, which uses historical data to predict future values. The second is TREND, which uses historical data to predict future values, and the third is linear regression, which uses historical data to predict future values using a linear equation.