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In Depth Information
best practices. As we saw in our example, even the analysis of a relatively simple
problem can be greatly enhanced by applying the ﬁve practices in Table 1.2. Of
course, the signiﬁcant change in the analytical approach is also important, and the
remaining chapters of the topic are dedicated to these analytical topics.
In the coming chapters we will continue to apply the ﬁve practices and explore
the numerous analytical techniques that are contained in Excel. For example, in the
next four chapters we examine the data analysis capabilities of Excel with quanti-
tative (numerical—e.g. 2345.81 or 53%) and qualitative (categorical—e.g. male or
Texas) data. We will also see how both quantitative and qualitative data can be pre-
sented in charts and tables to answer many important business questions; graphical
data analysis can be very persuasive in decision making.
Monte Carlo Simulation
Problems and Exercises
1. Consider a workbook project that you or a colleague have developed in the past
and apply the best practices of the Feng Shui of Spreadsheets to your old work
2. Create a workbook that has four worksheets—Table of Contents, Me, My
Favorite Pet, and My Least Favorite Pet. Place hyperlinks on the Table of
Contents to permit you to link to each of the pages and return to the Table of
Contents. Insert a picture of yourself on the Me page and a picture of pets on
the My Favorite Pet and My Least Favorite Pet page. Be creative and insert any
text you like in text boxes explaining who you are and why these pets are your
favorite and least favorite.
3. What is a risk proﬁle ? How can it be used for decision making?