Office 2013 MyITLab Grader Instructions Exploring Excel Ch 0

Office 2013 Myitlabgrader Instructionsexploring Excel Ch 06 H

Perform a comprehensive What-IF Analysis in Excel to calculate budget scenarios for a university’s Valentine’s Day formal. The task involves using Goal Seek, data tables, scenarios, and Solver to model and optimize the event’s financial outcomes. Key steps include adjusting ticket prices to break even, creating one-variable and two-variable data tables to analyze attendee numbers and costs, defining multiple scenarios with different attendance and cost variables, generating scenario summaries, and employing Solver to maximize the event’s balance while respecting constraints on attendance and expenses. The project concludes with proper worksheet organization, formatting, and submission of the completed workbook.

Paper For Above instruction

The purpose of this project is to utilize advanced Excel tools—namely Goal Seek, Data Tables, Scenarios, and Solver—to perform a detailed financial analysis for a university’s Valentine’s Day formal event. Through this exercise, the goal is to determine optimal pricing and attendance strategies that maximize the event’s profit, while respecting various constraints relating to capacity, cost limits, and logistical considerations. This analysis not only enhances proficiency in Excel functions but also demonstrates practical application skills in event planning and budgeting.

Initially, the project commences with applying Goal Seek to determine the Ticket Price per Person required to break even, setting the Balance to zero. Achieving this helps establish the minimum viable ticket price necessary to cover costs. Next, a series of substitution values for the number of students attending—ranging from 200 to 500 in increments of 20—are used to populate a one-variable data table that calculates total income, total expenses, and the resulting balance. The references to these formulas are linked within the data table, enabling dynamic analysis across different attendance scenarios. Custom number formats are applied to enhance clarity, labeling the references as Revenue, Expenses, and Balance for immediate understanding.

The project continues with creating a one-variable data table that varies the number of attendees, formatted in the accounting style with two decimal places. The attendee numbers from this data table are then copied and pasted into another section for further analysis. Subsequently, the analysis extends to a two-variable data table, which explores combinations of attendee numbers and ticket pricing, with the input cell for attendee count and price linked accordingly. This table is also formatted appropriately to reflect financial figures, with cells highlighted in light red for proximity to the break-even point to visually emphasize critical thresholds.

To facilitate scenario analysis, four distinct scenarios are established with varying attendance levels—200, 300, 400, and 500—each with specified variables for costs and revenues aligned to real-world assumptions. These scenarios help project potential outcomes based on different operational choices. After defining the scenarios, a scenario summary report is generated, consolidating total revenue, total expenses, and profitability across these scenarios for comparative analysis.

The analysis progresses with the utilization of the Solver add-in to optimize the event budget. The objective is to maximize the balance, with the number of attendees and ticket price as changeable variables. Constraints are meticulously set: the attendee count must not exceed capacity; ticket prices must stay within set minimum and maximum bounds; valet parking expenses are limited by available parking stalls, and an integer constraint is imposed for realistic attendee counts. The Solver’s solution determines the best combination of attendees and ticket price that yields the highest profit, considering all restrictions. The process culminates with the generation of an Answer Report, which outlines the optimal conditions identified by Solver.

Throughout the project, attention is paid to proper worksheet organization, including naming and ordering of sheets: Scenario Summary, Answer Report 1, and Budget. Formatting enhancements, such as custom labels and cell coloring, improve readability and facilitate quick decision-making. Finally, the completed workbook is saved, closed, and prepared for submission, demonstrating both technical mastery and strategic planning skills in Excel for event budgeting.

References

• Walkenbach, J. (2013). Excel 2013 Power Programming with VBA. Wiley.
• Excel Easy. (2024). Data tables in Excel. Retrieved from https://www.excel-easy.com/examples/data-tables.html
• Chandoo. (2022). Mastering Excel Scenarios and Data Tables. Chandoo.org.
• Microsoft Support. (2024). Use Goal Seek in Excel. Retrieved from https://support.microsoft.com/en-us/office/use-goal-seek-in-excel-9e44e4f6-5d52-4da0-80f3-242226cbaba5
• Rizzo, T. (2014). Excel VBA Programming For Dummies. John Wiley & Sons.
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• Ng, H. (2020). Optimization Modeling with Excel Solver. Wiley.