How to Succeed in Business Using Microsoft Excel 2007

1. Solve problems with statistical analysis tools. Businesses can identify trends, make forecasts and find out what is required to reach goals by using some of Excel's statistical functions or tools. The Goal Seek tool assists businesses in finding out what is needed to achieve a numerical goal. The regression analysis and histogram are valuable when looking for trends or producing forecasts.
2. Apply logic in decision making. Microsoft Excel makes use of Boolean logical values, such as 'True' and 'False,' to allow businesses to compare data under multiple criteria. These tools allow businesses to analyze complex data by converting it into simple terms for decision making. For instance, the business can create a set the criteria, and then Excel will quickly determine if the data meets all of the criteria, some of the criteria or none of the criteria.
3. Retrieve data for computation, analysis and reference. Most programs used by businesses allows exportation of data in a file format that is recognized by Excel, such as CSV. The data can then be viewed, manipulated and analyzed within the software. A helpful tool in Excel for arranging and sorting data is the Pivot Table, in which columns and rows can be arranged by clicking and dragging from a menu. In addition, the Reference and Lookup functions can expand a business's ability to look at values based on specific criteria or find values that produce a pre-determined result.
4. Use data tables and scenarios to calculate a 'what-if' analysis. A 'what-if' analysis allows businesses to change specific variable to see the possible outcomes. The Scenario Manager within Excel was developed to allow businesses not only to create these scenarios but also conveniently present multiple scenarios on one spreadsheet.
5. Make decisions by using Excel's Solver. Businesses can set up complex business models, then find the optimal sets of decision inputs to meet their objective, such as minimizing costs or maximizing profits. This tool is much more powerful than Goal Seek, as Goal Seek allows you to change only one cell or decision input.