Join Curt Frye for an in-depth discussion in this video Walk through a scenario presentation, part of Excel: Scenario Planning and Analysis.
- [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…costs of $275,000 or more.…That value is here and based on our estimates,…
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- Designing a scenario-planning exercise
- Estimating scenario plausibility and outcomes
- Establishing parameter value ranges
- Calculating the standard deviation of a dataset
- Indicating the probability of a scenario value occurring
- Walking through a scenario presentation
- Performing retrospective analysis using a PivotTable
- Changing PivotTable summary operations