Question

QUESTION: Suggest an example situation both for scenario and goal seek where these tools may be applied.

Answer 1

$\huge\fcolorbox{black}{aqua}{Solution:-}$

Technically, Goal Seek is a process of calculating a value by performing what-if analysis on a given set of values. For our purposes, Excel's Goal Seek feature lets you adjust a value used in a formula to achieve a specific goal. ... Calculating the terms of a loan is a good example of a what-if situation.

Answer 2

Suggest an example situation both for scenario and goal seek where these tools may be applied.

• Consider the situation where you need to borrow some cash. You are aware of the amount of money you need, the length of time you wish to repay the loan, and the monthly payment amount you can afford. To figure out what interest rate you'll need to negotiate in order to reach your loan objective, use Goal Seek.
• Different versions of the same situation can be saved on the same worksheet using the scenario manager. This creates a report on a new worksheet that compiles the data from each scenario. If you know the formula, Goal Seek will help you determine the intended outcome for a cell. Take an example, and make it extremely straightforward.
• When just the output is known, oal searching is the process of determining the proper input value. Different types of computer software, like Microsoft Excel, can provide the ability to set goals.
• A set of variables known as a scenario is one that Excel saves and can automatically replace on your worksheet. Different sets of data can be created and saved as scenarios, and you can then switch between these scenarios to see the various outcomes.

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