OMIS 2000 Data Analytics 6of7

# OMIS 2000 Data Analytics 6of7 - OMIS 2000 Information...

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OMIS 2000 Information Systems – Data Analytics Quantitative Data Analysis Approaches Lecture 6 of 7 Modeling and Analysis 1

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Mathematical Modeling Spreadsheets can also be used to build descriptions of business situations using math As simple as solving an equation As complex as a series of nested computations spanning several spreadsheets Data are required as inputs to the model It is often desirable (and far wiser) to experiment with the model rather than the real situation ( WHAT-IF ANALYSIS or sensitivity analysis ) The general problem structure we create to do this is called a template 2
Create a Template Open a new Excel document and create a worksheet which will calculate your final grade in this course given input values for each grade component: 3 Grade Component Percentage Allocation Weekly Assignments 20 Data Analytics Project 25 Excel Practice 5 Final Exam 50

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Exploring Scenarios What score would you get in the course if your final exam score were 50%? 60%? 70%? 80%? 90%? 100%? 4
Goal Seek A tool when you know the desired end result but not the value needed to meet the goal Enables you to work backwards to solve a problem Excel can enter the input value in the variable cell In effect, allows you to solve for an unknown in an equation 5

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To Use Goal Seek 1. Click What-If Analysis in the Data Tools group on the Data tab 2. Select Goal Seek to open the Goal Seek dialog box 3. Enter the cell reference for the cell to be optimized in the Set cell box 4. Enter the result you want to achieve in the To value box 5. Enter the cell reference that contains the value of the variable to adjust (such as cost of car) in the By changing cell box 6. Click OK 7. When an answer appears, click OK to accept the change or Cancel to return to the original data 6
Goal Seek Used to solve for an unknown in an equation 3 inputs: Set cell: <formula cell> To: <desired value> By changing: <cell you want to solve for> Go to Data, What-If Analysis ……..choose Goal Seek

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Application: Breakeven Point Break-even analysis examines the cost tradeoffs associated with demand volume. It is the point at which the business makes just enough revenue to cover their costs.
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• Fall '13
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• Goal seek

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