From the course: Excel: Scenario Planning and Analysis
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Walk through a scenario presentation
From the course: Excel: Scenario Planning and Analysis
Walk through a scenario presentation
- [Instructor] Predicting future values is impossible to get exactly right, but you can give a sense of how likely it is to see at least a specific value or know more than a specific value with calculations based on your estimated mean and standard deviation. In this movie, I will give a demonstration of how to present varying data regarding contract labor expenses for a project. Thank you all for having me here today, I'm speaking on behalf of the analytics team. We were asked to take a look at contract labor expenses for project MT22841 and to provide the average, and talk about the variance of the data, and how likely we are to incur certain costs in the future. As you can see, the average, or mean, of our contract labor expenses per month was $250,000 and that came with a standard deviation of $86,000. That means about 68% of the time, we will expect to see our contract labor expenses within $86,000, plus or minus, of $250,000. We were asked specifically how often we will see…
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