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Now that you’re a Pivot Table Master, Excel Video 331 introduces an Excel feature I’ve been waiting to show you, What-If tools. Excel is great tool for data analysis and there are several Excel tools to make that analysis even more powerful. We’ll start with Goal Seek, a way to get Excel to set the result of a formula to be a certain value by changing the value in another cell. In today’s example, we’re purchasing a piece of equipment. If the equipment costs $58,000 and the average reimbursement is $148.75, how many patients do we need to average per month to pay off the equipment in 12 months? What if we want to pay the equipment off in 6 months instead? Goal Seek is a quick way to answer these questions.
If Goal Seek seems a little complicated, don’t worry. I’ll do more examples in upcoming Excel Videos. I look forward to seeing you then.