One of my favorite tips in Microsoft Excel 2007 is goal seek. The command can be found under What-If Analysis menu in data tools of Data tab. Generally, what-if analysis provide us several different sets of values in one or more formulas to explore all the various results. Within what-if analysis, a series of process to change the values is running, enabling us to see how those change will affect the result of formulas.
There are several command in What-if analysis: goal seeks, scenarios and data table. Both scenarios and data tables need sets of input values to determine possible results. If we only work with one or two variable then data table command is enough. Meanwhile, a scenario command has multiple variables and it addresses up to 32 values.
In goal seek, we can use it to get a particular result when although we are not sure of the starting value. When we know a desired result from single formula but not the input formula which used to determine the result. Then we can use goal seek command. Microsoft Excel 2007 provide related adds-in such Solver adds-in which is very useful for business planning, forecast and others. The add-ins has similiar function, but it can accomodate more variables.
Business uses various prediction tools to forecast their revenue, costs leading to appropriate decsion making. Understanding what-if analysis will help business to get better forescast in very familiar spreadsheet of Excel.
Using what-if analysis will help business to forescast revenue by adjusting single or several variables in easy and simple steps. One of complete reading to get more understanding on what-if analysis is provided by Paul Cornell who works at Microsoft on the documentation team for Microsoft Visual Studio Tools for the Microsoft Office system.