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Whatif analysis

What if whatif analysis?

Sometimes it is also known as sensitivity analysis is a tool and way to calculate value of a formula in Microsoft Excel or OpenOffice based on different scenarios (different values). For an example if unit price of an item is 100 and you have a table with unit price, number of items and total value of all the items, you can create different scenarios to calculate total price based on different number of items.

Unit price

100

No of items

1

Total value

100


Using whatif analysis you can

    • Analyse results based on different values of changing variables for example cost of travel based on miles and or type of vehicle used etc.

    • If you want to see how will you get a desired results you can use Goal Seek

    • See the effects of one or two variables on a formula using data tables.

    • Prepare forecasts and advanced business models

    • It is different in Microsoft Excel and OpenOffice, here I am presenting an example in OpenOffice and after that I will give some links for Microsoft Excel examples

What-If Analysis in Microsoft Excel

The What-If Analysis tool in Microsoft Excel works a bit differently compared to other tools.

Using Scenario Manager:

  1. Take a table with three columns (or any dataset).
  2. Select the cell or cells you want to analyze (even a single cell can be selected).
  3. Go to Data > What-If Analysis > Scenario Manager.
  4. A new dialog box will appear. Click Add to create a new scenario.
  5. In the Add Scenario dialog, enter a name for your scenario.
  6. Select the changing cells (by default, the cell you selected earlier will be chosen).
  7. Click OK, and another dialog box titled Scenario Values will appear.
  8. Enter the value for this scenario and click OK.
  9. Repeat steps 4 through 8 to add multiple scenarios.
  10. To view the results of each scenario, select it in the Scenario Manager and click Show.
  11. Click the Summary button in Scenario Manager to generate a report. You will get an option to choose either:
    • Scenario Summary – Displays a table with values for all scenarios.
    • Scenario PivotTable Report – Creates a pivot table showing changing values and corresponding calculated results in different rows.

Examples of What-If Analysis in Microsoft Excel:

 

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