Provide an example from the statement below talking about What If analysis. The statement explained 3 types. Please do the examples in Microsoft Excel 2016.
There are 3 different types of What-If Analysis tools that are found on Excel: Scenarios, Goal Seek and Data Table.
A Scenario can utilize multiple variables, but has a limit of up to 32 values. A Scenario could be used to model two budget scenarios, i.e a worst and best case.
A Data Table works with two or fewer variables, however can accept several different values for the selected variables. A Data Table could be used to model an outcome of a betting event such as a boxing match.
Goal Seek is different to Data Tables and Scenarios as it takes a result and using a pre-determined formula, will give you the possible inputs to obtain that specific result. Goal seek could be used to obtain an interest rate if you want to take out a loan and you know certain factors such as amount of money needed, period you want to pay back over and how much your monthly payments can be.
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