Editing scenarios in Excel can be a great way to improve your workflow and get more out of your data. By editing scenarios in Excel, you can easily share your changes with others and see how they would be affected by those changes. This can be a great way to get feedback on a project before making any final decisions. In this article, I will show you the easy steps to edit scenarios in Excel. So, without having any further discussion, let’s dive straight into the topic.
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You can download the Excel file from the following link and practice along with it.
What Are Excel Scenarios?
Excel scenarios are a great way to see how your data changes under different conditions. By setting up different scenarios, you can compare different sets of data side-by-side to see how they would change based on certain conditions.
Scenarios are especially helpful when you’re trying to make decisions about what to do next. For example, let’s say you’re trying to decide whether to invest in stock A or stock B. You could set up two different scenarios in Excel – one where you invest in stock A and one where you invest in stock B. Then, you could input different values for the stock prices and see how your investment would change under each scenario.
Scenarios are also helpful for exploring different what-if scenarios. For example, what if interest rates go up? What if the economy takes a downturn? You can see how your data would be affected by inputting different values into your Excel scenarios and make decisions accordingly.
Steps to Edit Scenarios in Excel
In the following dataset, I have used some data regarding the estimation of mouse production cost. Using this dataset, I have created two scenarios to analyze data and decide on it.
In the following Scenario Summary, you can see the two scenarios that I’ve created Lowest Cost and Highest Cost.
Now see in the Result Cells, the total mouse production cost is missing. However, I will need to edit my scenarios to fix this issue.
In this article, I will show you how I edit my scenarios using Scenario Manager in Excel.
Step-1: Open Scenario Manager
First of all, you need to open the Scenario Manager to be able to edit your scenarios.
To open the Scenario Manager,
❶ Go to the Data tab first.
❷ In the Forecast group, click on the What-If Analysis drop-down.
❸ From the drop-down list, click on the Scenario Manager command.
This will open the Scenario Manager dialog box. Using this dialog box I will show you edit the scenarios in Excel.
Step-2: Edit Your Scenarios
In the Scenario Manager dialog box, you will see a list of all the scenarios that you’ve created.
So pick up one scenario that you want to edit.
❶ Select a scenario name.
❷ Then hit the Edit button.
Next the Edit Scenarios dialog box will appear.
In this dialog box, you can edit the scenario names, cells, comments, etc. Even you can enable protection in your scenarios.
❸ To go to the next step hit the OK button.
After that, the Scenario Values dialog box will appear.
Here, you can edit specific values that have been inserted in each of the cells of your dataset.
❹ After editing the values, hit the OK button to move forward.
Then you will come back to the Scenario Manager dialog box again.
❺ This time hit the Summary button.
So that the Scenario Summary dialog box will appear.
Here you can choose the report type from one of the following two options: Scenario summary & Scenario PivotTable report.
❻ Then in the Result cells box, I’m locating the cell where the sum of the values is present.
❼ After that, I hit the OK button.
Excel will create another worksheet with the updated version of the scenario. So, I’ve successfully edited my scenarios and updated the scenario summary as you can see in the picture below.
You will get an Excel sheet like the following screenshot, at the end of the provided Excel file where you can practice all the topics discussed in this article.
To sum up, I have discussed steps to edit scenarios in Excel. Please don’t hesitate to ask any questions in the comment section below. We will try to respond to all the relevant queries asap. And please visit our website ExcelDemy to explore more.