After you've add alternative data sets to your worksheets using scenarios, you can use them to perform what-if analysis on your budget projections. If you'd like to change the contents of the scenario or get rid of it entirely, you can do so from within the Scenarios Manager. First, I'll show you how to edit an existing scenario. To do that, you go to the Data tab, click What-If Analysis and click Scenario Manager. All you need to do is click the scenario that you want to edit and click Edit. You can change everything about the scenario from the scenario name to the cells it's changing, to the values that go into those cells when you apply the scenario.
In this case, I will call it a VeryLowCash. I will still change cell D7, click OK, and now instead of displaying the value in the workbook, Excel displays the value from the scenario. In this case, I will change it down to 50,000 and press OK and now you see that my change has been implemented. Now let's say that I think that this scenario is just way too pessimistic and that my cash position is going to be fine.
If I want to delete that scenario, I can click it and click Delete. Now note that I did not get a confirmation dialog box or message. It was deleted immediately. So if you have a complicated scenario and you think that you want to delete it, but you're not sure, make a backup copy of the workbook so you still have the scenario there and then delete it in the current workbook. Editing a scenario lets you adjust your assumptions about the coming year and save the data in your workbook without changing the physical data. If you find that editing scenario would take more time than deleting it and starting a new, you can delete any scenario you want.
To preserve the information in that scenario, you might want to create a summary worksheet before you delete it.
- Tracking income and expenses by category and contract
- Using balance sheets
- Designing worksheets to assist decision making
- Creating income statements
- Calculating loans payments and interest
- Creating cell references to other worksheets
- Summarizing data in a chart
- Building alternative budget scenarios