Scenario Analysis done right in Power BI
If you ever worked in an Analyst position, you know that scenario analysis is a key part of the job.
What is a Scenario Analysis?
Scenario Analysis helps users to use historical data to create different estimations.
It can be as simple as forecasting or planning next year’s sales figures, or budgeting department-level expenditures, or as complex as running multiple different outcomes based on different parameters.
Moreover, Scenario Analysis can include not just one, but multiple criteria as well. For example, decreasing the price of a product will increase the quantity sold.
All of that could be incorporated into a scenario analysis.
Why Power BI?
While Power BI is a data visualization tool, it is possible to visually represent different outcomes based on our analysis.
Just like data viz can help report consumers to understand the true meanings of the numbers, it can provide great insights to our users about their projection.
How to use it?
With Power BI’s built-in What If Parameters, we can create that great user experience relatively easily.
These parameters create a table with the values that we, report creators specified. Additionally, a SELECTEDVALUE measure is also created immediately.
That measure is going to be the most important piece that we can use to set up the forecast measure.
Please find below the Power BI report I created for this tutorial.
Make sure to check out the video as well, if you want to learn a bit more about What If parameters and Scenario Analysis in Power BI!
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