Excel Tricks that will let you stand out from the crowd – Part Six

Goal Seek

Excel’s Goal Seek function is a valuable tool used in multiple industries. Optimizers, forecasters and consultants would be at a loss without it.

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For example, lets say that I have just imported a container load of robot toys from China, and I want to work out how many units I need to sell in Month 3 in order to hit $1000000000 in sales.

goal1

If you are using Excel 2013, go to the Data tab, click on What-If Analysis, and click on Goal Seek.

goal2

So I want my “Total Revenue” cell (H6) to reflect a total of 10000000, and I want the Goal Seek function to adjust my month 3 sales cell (F6) in order to achieve this.

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Select the relevant cells, fill in your target amount, and click OK.

goal3

Now sit back and watch Excel work it’s magic, and then……hey presto! You’ve got your answer!

I need to sell 20409221.36 units in order to hit my target.

goal4

This is a basic example of how to use the Goal Seek function, but it can be useful for working out interest rates and other complex formulas.

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Thanks to Business Insider for yet another great lesson!

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