# Notes on Excel 2007 Forecasting Tools. Data Table Scenario Manager Goal Seek Solver

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1 Notes on Excel 2007 Forecasting Tools Data Table Scenario Manager Goal Seek Solver Paula Ecklund Fall 2008

2 Contents Page Tools Introduction... 1 Data Table Scenario Manager Goal Seek Solver The Sample Workbook... 2 Tool Examples The Excel 2007 Data Table... 2 One-Input vs. Two-Input Data Tables... 5 The One-Input Data Table Building a One-Input Data Table... 6 Running a One-Input Data Table... 6 Examples of Other Uses for the One-Input Data Table with this Model... 7 A One-Input Data Table with Multiple Formulas Example... 8 One-Input Data Table Summary... 9 Data Table Manipulations Formatting Data Table Results The results array Changing the structure and re-running Labeling tip The Two-Input Data Table Two-Input Data Table Summary Scenario Manager Goal Seek Solver

4 The Sample Workbook A multi-tabbed Excel file named ForecastingTools2007.xlsm is available for download if you want to experiment with the examples that follow and see them in context. If you don t have the sample workbook or would rather focus just on the text in this document, there are plenty of illustrations; using the workbook isn t necessary. Tool Examples The Excel 2007 Data Table To illustrate the features of Excel 2007 s Data Table we make use of a monthly income statement for a firm named Triangle Widgets, Inc. If you re following along with the ForecastingTools2007.xlsm workbook, make the Data Table tab current. As you might expect, this income statement model uses formulas, not static values, for many cells. For example, the Total Revenue, Total Variable Expenses, and Total Fixed Expenses are formulas. Changing the value of one or more of cells that determine the values of these items changes the model. In particular the important Summary values (Total Expenses and Operating Income) are affected by any change in contributing values. 2

5 The view of the worksheet with formulas displayed (toggle: CTRL+`) makes the model relationships clearer. An alternative to displaying formulas is to use the Trace Dependents tool in the Formula Auditing group on the Formulas ribbon. Click any cell and click the Trace Dependents button one or more times for a graphical view of how cell values determine formula results. 3

6 As you examine the Triangle Widgets monthly income statement you might want the answers to some questions that this model can provide. For example: 1 What happens to Operating Income (the bottom line) if Triangle Widgets sells 2000, 2500, or 3000 units per month instead of 1,200? If the company sells 2000 units how do expenses change? What s the impact on expenses if 3000 units are sold? 4000? What happens if Triangle Widget s leasing costs go up by 20%? By 25% By 30%? What happens if the manufacturing cost per unit goes down by an eighth? By a quarter? By a third? Much of the power of Excel comes from its dynamic modeling capability. If you want to know the effect on the bottom line if Units Sold is 3,000 instead of 1,200 it s easy to find out. Replace the 1,200 value in Cell C5 with The Operating Income value automatically changes from \$13,300 to \$119, As the model is currently constructed there are also some kinds of questions (that involve more complex calculations and assumptions) that you can not answer. For example, in this model the fixed expense value for Advertising is a static number. While changing the static advertising value will affect the bottom line, the model can t show how a change might affect Units Sold. So you can t use this model to answer the question How would an increase in advertising affect unit sales? 4

7 Certainly changing the values of model cells can be a useful exercise. However, if you want to look at the results of a large number of changes, manually editing and recording the results becomes a tedious task. The Data Table can help you forecast results quickly and efficiently. The Data Table is constructed outside of the model, but is linked to it. When you run the Data Table, you read its analysis in the Data Table results area. The model itself doesn t change. Some of the advantages of using a Data Table for this kind of task instead of just changing values in the model itself are: Any number of values can be included in the Data Table as substitutes for a model value. For example, with a Data Table it s easy how a wide range of production level values (Units Sold) affect operating income instead of viewing one at a time the effect of a change in Units Sold on the model. The Data Table results are displayed visible in a conveniently small matrix. Data Tables can be a bit tricky to work with only because you must understand the Data Table layout Excel requires and how to execute the Data Table properly. One-Input vs. Two-Input Data Tables The Data Table is available in two flavors : One-Input and Two-Input. Both are illustrated in these notes. The differences in brief are: In a One-Input Data Table, the Data Table has multiple substitute values for a single model value. It has at least one formula from the model. The formula s results (as displayed in the Data Table results area) must depend on the chosen Data Table input value either directly or indirectly. A One-Input Data Table may have more than one formula from the model. If it has more than one formula, the One-Input Data Table is generally built with input values arranged down a column and formulas across the top row. In a Two-Input Data Table, the Data Table has two substitute values, one set for each of two model values. It can have only a single formula from the model. One set of inputs is arranged down a column, the other set of inputs is arranged along a row, and the formula is in the intersecting cell above the first column input and to the left of the first row input. The layout of the two types and the differences between them will be more obvious in the examples that follow. 5

8 Building a One input Data Table I locate a One-Input Data Table to the right of the income statement model on the Data Table worksheet. My Data Table will operate on different values for Units Sold (in model Cell C5) and track the effects of those different values on Total Revenue (in model Cell C7). To build the Data Table I locate input values for Units Sold down one column. In the illustration below the values range from 800 to 1,500 in increments of 100. This column becomes the left-hand edge of the Data Table. One column to the right of the inputs and one row above the first column input I locate a reference to the model cell whose value I want to track: Total Revenue. The structure of the One-Input Data Table with a single formula looks like this: Units Sold values The Total Revenue formula from the model (Cell C7). Notice that the Total Revenue formula in the model can be either a copy of the formula in the model or a reference to the model cell that holds the original formula. Running a One-Input Data Table Once the Data Table is constructed it s ready to run. Follow these steps: 1) Select the Data Table range (the column of input cells, the formula, the blank cells to the right of the inputs, and the blank cell to the left of the formula). 2) From the Data tab choose the Data Tools group and the What-If Analysis drop-down. 3) Choose Data Table from the drop-down. 6

9 4) A Data Table dialog displays, prompting for a row input cell and a column input cell. This dialog serves both the One-Input and the Two-Input Data Tables, but for a One-Input Data Table arranged like the one I built the Row input cell prompt is irrelevant. Leave that box blank. For the Column input cell box, indicate the cell in the model for which your Data Table input values will substitute. In this model, that s Cell C5, the cell holding the number of units sold. 5) Click OK. Excel fills the Data Table results area with calculated values. Read the results like this: When Units Sold = Then Total Revenue = , ,000 1, ,000 Etcetera. If you have a target value for Total Revenue, you can zero in on the number of units that must be sold in a month to reach that value. Examples of Other Uses for the One-Input Data Table with this Model A One-Input Data Table could be constructed with this model to: Vary Price per Unit Manufacturing Expenses Administration Administration Units Produced Etcetera and see the effect on Total Revenue Total Variable Expenses Total Fixed Expenses Total Expenses Operating Income 7

10 An Example of a One-Input Data Table with Multiple Formulas A One-Input Data Table needs at least one formula, but it can have more than one formula. The only rule about formulas included in a One-Input Data Table are that each one must be dependent in some way (directly or indirectly) on the input value for that Data Table. Continuing with the Triangle Widgets, Inc. Monthly Income Statement model, the structure of a One-Input Data Table with three formulas might look like the illustration below. Formula 1 Formula2 Formula 3 Inputs for Units Sold The formula for Revenue references the model Cell C7. The formula for Total Expenses references the model Cell C22. The formula for Operating Income references the model Cell C23. In the illustration, the cells holding the text items Revenue, Total Expenses and Operating Income are not part of the Data Table. These cells hold labels for information only. They need not be included. Run this Data Table in the same way as the simpler One-Input Data Table with a single formula. That is: 1) Highlight the Data Table range. Do not include the label cells in the selection. Do include the column of inputs, the blank upper-left-hand-corner cell, the formula cells, and all the now-blank results cells. 8

11 2) On the Data tab choose the Data Tools group and the What-If Analysis icon. 3) From the drop-down that displays choose Data Table and complete the Data Table dialog, indicating Cell C5 (Units Sold) as the Data Table s column input cell. 4) Click OK. Excel generates results in the Data Table. Read the results of this Data Table in the same way you read the earlier one. For example: When 800 units are sold, Total Revenue is 80,000, Total Expenses are 90,300, and Operating Income is -10,300. When 1,500 units are sold, Total Revenue is 150,000, Total Expenses are 119,000, and Operating Income is 31,000. One input Data Table Summary A One-Input Data Table varies one model value to see the effect on one or more other values in the model. The focus can be on the change to a single model value (such as Total Revenue). Or, changes to multiple model values (Total Revenue, Total Expenses, and Operating Income) can be shown, as in the example above. The One-Input Data Table can be expanded or contracted by changing the column of input values. Use the Data Table to quickly see the results of a range of changes to a model value on one or more model formulas you want to track. 9

12 Data Table Manipulations Formatting Data Table Results You may want to format the values in the Data Table. Use Excel s regular formatting tools. The results array The results area of the Data Table does not contain regular numeric values. Instead, because of the way Excel processes the data to generate the values, the results area cells are filled with array values. Array notation for results values. Because of the array structure: You can not change or delete any single value in the results array. You can format any single value in the results array. You can delete all the results array values at the same time. Changing the Structure and Re-Running You may very well find that you work with a Data Table in an iterative way. That is, you create an initial Data Table and after viewing the results you decide to modify the input values, change the input values, or change the model formula(s) you re tracking. It s simple to make structural changes to the Data Table. Changing the Data Table structure automatically changes values in the Data Table results area. Example: Initial Data Table Input values changed. Results area values automatically update. You must re-run the Data Table manually only if: 1) You erase the results area. 2) You expand the number of input values or the number of formulas. 10

13 In the illustration at left, the original One-Input Data Table has been executed and results are shown. The lavender areas show new input values added and new tracking formulas added. The Data Table must be manually re-run to account for this expanded structure. Labeling Tip In the illustration at left below, the Data Table cell holding a reference to the model s Total Revenue formula displays the current Total Revenue value in the model; that is, The cell above that value holds a text label Revenue which is not part of the Data Table. In the illustration at right below, the Data Table cell holding a reference to the model s Total Revenue formula has been reformatted using a Custom format so it displays the text Total Revenue instead of This reformat makes a separate outof-data Table label cell unnecessary. Text label. Cell holding a reference to the Total Revenue calculation in the model. Entered in double quote marks. 11

14 The Two input Data Table As you might expect, a two input Data Table allows you to supply two ranges of input values. The limitation on choosing the two inputs is that they must be model variables used either directly or indirectly in the Two-Input Data Table s single formula. In the Two-Input layout, one input is arranged down the left-hand column and the second input is arranged across the top row of the table. This arrangement of inputs permits only a single formula, which must be located in the upper-left-hand corner of the Table. The output is displayed just as it is for the one input Data Table. In the case of the Two-Input Data Table, that means to the right of and beneath the column and row of inputs. Again, the Triangle Widgets, Inc. monthly income statement on the Data Table tab of the sample worksheet serves as our example. The Two-Input Data Table will show the effect of varying Units Sold (the column) and Price per Unit (the row) values on Operating Income (the tracked formula). The structure of the Two-Input Data Table Run this Data Table in almost the same way the One-Input Data Table is run. That is: 1) Select the Data Table range. 2) On the Data tab find the Data Tools group and click the What-If Analysis icon. 3) From the drop-down that displays choose Data Table and complete the Data Table dialog. Here, both the row input cell and the column input cell box must be completed. 4) Click OK. 12

15 Excel fills in the results matrix. Read the Two-Input Data Table results by reading across a row and down a column. For example, if 1,400 units are sold at \$96/unit, Operating Income is \$19,500. The same manipulations that apply to the One-Input Data Table also apply to the Two- Input Data Table. Two input Data Table Summary A Two-Input Data Table varies two model values to see the effect on a single calculated value in the model. Both inputs must be referenced by the calculation either directly or indirectly. The Two-Input Data Table can be extended or contracted by changing the column and row of input values. Use the Two-Input Data Table to quickly see the results of a range of changes to two model values on a single model formula you want to track. Scenario Manager For an example of Excel s Scenario Manager we again return to the Income Statement worksheet in the ForecastingTools2007.xlsm workbook. Above, we generated two kinds of Data Tables to summarize how a change in one or two values affects other values in the model. Here, we do something similar. However, instead of showing the changed values in a table of results we show a number of possible variations individually as different worksheet scenarios. This method has the advantage of allowing the viewer to see the changes within the worksheet itself and is often useful if you have a small number of scenarios you want to work with or present. The Scenario Manager is available from the same set of What-If Analysis tools that contain the Data Table. Click the Data Tab and choose the Data Tools group. Click the What-If Analysis drop-down and select Scenario Manager 13

16 Excel opens the Scenario Manager dialog. The dialog initially looks like the one at left. No scenarios currently are defined. We create three new scenarios: Low Cost, Competitive, and High Cost. In addition, for convenience, I ll add a scenario named Status Quo that shows the original model values. Once the scenarios are built we can use the manager to view any scenario by itself and/or generate a summary that compares the scenarios. To create a scenario: 1) Click the Add button on the Scenario Manager dialog. The Edit Scenario dialog opens. 2) Complete the Edit Scenario dialog. In the example below, we build a scenario named High Cost and elect in this scenario to change the cells C5, C6, and C10. In the model those are the Units Sold, Price per Unit, and Material Cost per Unit cells. 3) Click OK. 14

17 4) Excel displays a Scenario Values dialog and prompts for values for each of the model cells identified as changing cells. If these cells are range-named, Excel uses the names in the dialog, making it much easier to work with the scenario. High Cost values are s shown in the illustration at left. 5) Click OK to return to the Scenario Manager dialog. From this dialog additional scenarios can be added by going through the same steps, beginning with clicking the Add button. Add as many scenarios as you like. 6) To display a scenario, return to the Scenario Manager dialog, select a scenario by name, and click the Show button at the bottom of the dialog. The cells in red at left are identified as changing cells. Excel substitutes into the model the values you established for the scenario you selected. You see the changes and their effects in the context of the entire model. This is very different from the looking at a Data Table results area, for example. 15

18 Show a different scenario by selecting its name in the Scenario Manager dialog. Put the Scenario Manager dialog away by clicking its Close button. The scenarios you build are automatically saved when you save your workbook. You can call them up to view or edit at any time. 7) Generate a summary of the various scenarios you ve built by clicking the Summary button on the Scenario Manager dialog. 8) Excel opens a Scenario Summary dialog that prompts for the type of report (summary or PivotTable) and result cells. Result cells are cells you want the summary report to track. In the illustration below, we track Total Expenses (Cell C22) and Operating Income (C23). 9) Click OK. Excel inserts a new worksheet into the workbook and gives it the name Scenario Summary The summary devotes one column to each of the scenarios ( Low Cost, Competitive, and High Cost ) and one column to document the model s original values ( Current Values ). The values for cells identified as scenario changing cells are shown, as are values under each scenario for the result cells identified when building the summary. Use the outline symbols to display just the changing cells, just the result cells, or both. The summary below shows that the Low Cost scenario would result in a negative value for Operating Income and, not surprisingly, the High Cost scenario would generate the highest profit. 16

19 Goal Seek When you know the result you want from a single formula but not the input value the formula needs to determine that result, use Excel s Goal Seek. When goal seeking, Excel varies the value in the cell you specify until a formula that's dependent on that cell returns the result you want. This example is from the Goal Seek tab in the ForecastingTools2007.xlsm workbook. In that worksheet a small model uses Excel s PMT function to calculate the monthly repayment cost for a loan of \$100,000 over 15 years (180 months) at 5% interest. The monthly payment is \$ Suppose the borrower can afford to pay more per month on the loan. They want to see how much larger a loan they can afford at a repayment rate of \$1,000 per month. Use Goal Seek and identify the Loan Amount (Cell C4) as the value that Goal Seek can change. Excel changes this value in the model until the payment value in C7 equals \$1,000. To open the Goal Seek dialog, click the Data tab and find the Data Tools group. Choose the What-If Analysis button and select Goal Seek from the dropdown that displays. A Goal Seek dialog opens. Identify the set cell, or the cell whose value you know you want to change. The set cell must hold a formula. In the to value box enter the value you want the formula to return. In the by changing cell identify one model cell that affects the formula you identified and that holds a value you will allow Goal Seek to change. Click OK. 17

20 Goal seek goes to work and if it finds a solution it displays a Goal Seek Status dialog with its results. To keep the results click OK. To discard the results click Cancel. In this example, Goal Seek has found that the borrower can add \$26,455 to the loan amount. Solver Excel s Solver is a powerful tool for forecasting and what-if analysis. For an example of Solver we use the data on the Solver worksheet in the Forecasting Tools2007.xlsm workbook. Start by taking a look at that worksheet. 18

21 The worksheet shows the five different widget models that Triangle Widgets makes (Red, Blue, etc. in Row 6) along with the profit per unit for each model (Row 7), and the production levels for October (Row 8, 10 for each type). An Excel SUMPRODUCT formula in Cell B4 near the top of the worksheet calculates the Total Profit that will be generated by the current production levels. As written, however, there s a problem with the values in this model. In the section of the worksheet that details widget components are two columns that track the number of widget parts required for the current level of production: Parts Required and Parts on Hand. At the production levels currently in the model widgets of each type -- the company has exceeded parts-on-hand quantities for components B (by 30) and E (by 40). So the Production Level values in the model show an impossible scenario. Although the model shows a Total Profit of \$3,150.00, it s at the expense of the reality in the factory. To change the Production Level values to get the highest possible Total Profit without violating any of the Parts on Hand and Parts Required constraints, one could change the five Production Level values in the model manually. This would require experimenting with different combinations until a combination that maximizes profit is found, while keeping within the constraints. Unfortunately, to be sure to maximize profits this experimental, manual process could take quite a bit of time. In a large problem, a manual method might prove to be simply impractical. As an alternative to a manual method, Excel s Solver tool can maximize total profit in this model, quickly finding the best solution. Solver is an Excel add-in that s part of the Excel program. That is, when you purchase Excel, you get Solver automatically (whether or not it s actually installed). If installed, Solver appears on Excel 2007 s Data tab in the Analysis group. Start Solver and the Solver Parameters dialog opens. 19

22 The Solver Parameters dialog shown below has already been completed for the Triangle Widgets model. Notice that there are three main segments in this dialog box. They define the set cell, the changing cells, and any constraints. The Set Cell or Target Begin with the set cell or target cell. In our example, the target is Total Profit, in Cell B4. To maximize total profit click the Max option. Solver can also minimize or find a particular value (like Goal Seek). The Changing Cells Identify the model cells that Solver can change to find its solution. The changing cells should be related to the target cell, of course. In our example, the changing cells are the number of widgets to make, or the Production Level values. The changing cells need not be contiguous in the worksheet and there can be any number of changing cells. Constraints Finally, identify any constraints Solver should take into account when finding a solution. Although it appears that there s a text box in which to enter constraints, that s not the case. To enter a constraint, click inside the Subject to the Constraints box and click the Add button. Solver then displays a special mini-dialog in which to enter the constraint in the correct format. 20

23 This problem has three constraints identified: 1) The Production Level values must be greater than or equal to zero. E.g., not negative production. 2) The Parts Required range values are less than or equal to the Parts on Hand range. 3) The Production Level values must be integers. No fractional widgets. Click the Solve button to start the solving process. While Solver may not be able to find a solution for every problem, in most cases, Solver finds a solution and returns with a dialog that looks like the below: Solver s solution (changed values in the changing cells ) appears in the model. Choose Keep Solver Solution and click OK here to keep the Solver solution in the worksheet, or choose Restore Original Values and click OK to discard the Solver solution. Note that you can choose to generate one or more of Solver s reports (Answer, Sensitivity, Limits) and/or to apply the Scenario Manager to record the Solver s solution. 21

24 The model with Solver s solution in place looks like this: Solver found a reasonable maximum total profit by eliminating the red and blue widgets from the production schedule and adjusting the production levels of the three other widget types considerably. Note that Solver respected the constraints we defined: No production level is less than zero. The values in the Parts Required column are less than or equal to the Parts on Hand values. All the production level recommendations are for integer quantities. End 22

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