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Lesson_06_Analytics_with_Excel

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Ankit Awasthi
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12 views

Lesson_06_Analytics_with_Excel

Uploaded by

Ankit Awasthi
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 6

Lesson 6: Analytics with Excel

Overview
In this exercise, participants will delve into the application of "What-If Analysis" in
Microsoft Excel, a powerful tool for making data-driven decisions. The focus will
be on simulating scenarios, exploring different possibilities, and understanding
the impact of various variables on the outcome.

Instructions
1. Work through all the questions individually or within your group
2. Divide your time evenly among the questions to ensure comprehensive
understanding
3. Utilize the What-If Analysis tool from Excel and input data to achieve the
desired outcome

Task
Use the given data in the task to create an Excel spreadsheet.

Input Data:
Open an Excel spreadsheet and create the input dataset as shown below.

1. Scenario Simulation:
Develop an Excel spreadsheet to simulate a sales scenario where you can
adjust the quantity sold and price per unit. Calculate the total revenue
dynamically based on these inputs.
2. Goal Seek Function:
Utilize the Goal Seek function in Excel to find the necessary increase in
sales quantity needed to reach a specific revenue target. Demonstrate the
step-by-step process.

Discussion Questions (Optional)


If time permits, discuss the following questions:

• Discuss real-world applications of What-If Analysis, such as in financial


planning or project management.
• Assess the efficiency and practicality of using Excel for scenario analysis
and decision-making.
• Explore the advantages and limitations of What-If Analysis in Excel
compared to other analytical tools.
Answer Key
1. In Data tab, select Scenario manager under What-If Analysis.

i) Click on Add

2. Scenario Simulation: The Excel formula for total revenue can be


expressed as follows:
=Quantity * Price per Unit (For example, =A2*B2)
By adjusting the Quantity and Price per Unit cells, users can dynamically observe
changes in total revenue.
3. Goal Seek Function:
Utilize the Goal Seek function as follows:

a. Go to Data tab > What-If Analysis > Goal Seek

b. Set the Set cell as the cell containing the total revenue formula
c. Set the To value as the target revenue as 1500
d. Set the By changing cell as the cell containing the quantity sold

e. Excel will iteratively adjust the quantity sold until the specified revenue
target is reached

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