¶ … statistical techniques that managers can use to simulate business situations, optimize variables, and forecast sales or other figures?
Statistical techniques that managers can use include goal seeking, optimization, what-if analysis, and forecasting.
Wallace (2013) shows that a what-if analysis is particularly helpful for simulating a business situation, as it presents a model that can calculate the way that two or more variables relate to one another. Using the what-if analysis, workers can see what happens when variables are altered or changed and they can view how such changes effect different outcomes. For example, if one desired to see how marketing costs might impact a project in relationship to the overall budget, the what-if scenario would be a perfect way to investigate this.
Goal seeking is another way in which the Excel model format can be utilized to help managers simulate business situations, optimize variables and forecast with accurate results. Goal seeking is based on the decisions support tool and allows the individual to set a goal and determine the pathways to its achievement. This gives the user the opportunity to navigate a series of avenues and alternatives to see which delivers the best results, while altering variables as desired.
Forecasting is another decision-making...
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