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Lab 4

This lab session teaches advanced Excel techniques for data-driven decision-making, including VLOOKUP, Pivot Tables, What-If Analysis, and Data Visualization. Students will learn to analyze data, identify trends, and create visual representations to support business decisions. The session culminates in a lab assignment where students apply these skills to analyze retail sales data.

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Aziz ul haq
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28 views5 pages

Lab 4

This lab session teaches advanced Excel techniques for data-driven decision-making, including VLOOKUP, Pivot Tables, What-If Analysis, and Data Visualization. Students will learn to analyze data, identify trends, and create visual representations to support business decisions. The session culminates in a lab assignment where students apply these skills to analyze retail sales data.

Uploaded by

Aziz ul haq
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Lab Session 4: Advanced Excel Techniques for Decision Making

Objective:
This lab session introduces students to advanced Excel techniques that assist in making data-driven
decisions. By the end of this session, students will be able to apply functions like VLOOKUP,
Pivot Tables, What-If Analysis, and Data Visualization to analyze data, identify trends, and
support decision-making.

Chapter Overview

Excel is a powerful tool used in business to analyze data, perform calculations, and present insights
in a structured way. For decision-making, advanced features like lookup functions, pivot tables,
and scenario analysis allow businesses to interpret large datasets, compare results, and make
strategic decisions based on data.

Key Techniques Covered:

• VLOOKUP & HLOOKUP: Functions to look up values in a table.


• Pivot Tables: Summarize and analyze data from a dataset.
• What-If Analysis (Scenario Manager): Evaluate different scenarios and their impact on
outcomes.
• Data Visualization: Using charts and conditional formatting for data presentation.

Step-by-Step Execution of Tasks


Task 1: Using VLOOKUP for Data Retrieval

Overview:
VLOOKUP (Vertical Lookup) is used to find a specific value from one column and return
corresponding data from another column.

Scenario:
Imagine you have a product catalog and want to retrieve the price of a product based on its ID.

1. Creating the Product Table:


o In Sheet1, create the following product data:

Product ID Product Name Category Price


P001 Laptop Electronics $800
P002 Smartphone Electronics $500
P003 Desk Chair Furniture $120
P004 Coffee Table Furniture $75
P005 Air Conditioner Appliances $300
2. Applying VLOOKUP:
o In Cell F1, type the product ID you want to search for (e.g., P002).
o In Cell G1, enter the following VLOOKUP formula to retrieve the price:

excel
Copy code
=VLOOKUP(F1, A2:D6, 4, FALSE)

o Explanation:
▪ F1: Lookup value (Product ID).
▪ A2:D6: Table range (the product catalog).
▪ 4: The column number from which to return the value (Price column).
▪ FALSE: Exact match (optional argument).
o This formula will return $500 for the Smartphone (Product ID P002).

Task 2: Creating a Pivot Table for Data Analysis

Overview:
Pivot Tables are one of Excel’s most powerful tools for summarizing large datasets. They allow
you to extract meaningful insights from raw data quickly.

Scenario:
You have sales data for a company, and you want to summarize total sales by product category.

1. Sales Data:
o In Sheet2, create the following sales data:

Order ID Product Name Category Units Sold Total Sales


1001 Laptop Electronics 5 $4,000
1002 Smartphone Electronics 8 $4,000
1003 Desk Chair Furniture 12 $1,440
1004 Coffee Table Furniture 15 $1,125
1005 Air Conditioner Appliances 3 $900

2. Creating the Pivot Table:


o Select the data range (A1).
o Go to the Insert tab and click Pivot Table.
o Choose to place the Pivot Table on a new worksheet.
3. Configuring the Pivot Table:
o In the Pivot Table Field List:
▪ Drag Category to the Rows section.
▪ Drag Total Sales to the Values section.
o This will create a summary table showing total sales by product category.
4. Analyzing the Results:
o The Pivot Table should show the total sales for each category (e.g., $8,000 for Electronics,
$2,565 for Furniture, etc.).
Task 3: Using What-If Analysis with Scenario Manager

Overview:
What-If Analysis helps businesses evaluate different scenarios and their impact on a final result.
Excel’s Scenario Manager allows you to create and compare different sets of data.

Scenario:
You want to compare different price increases for products to see how they impact total revenue.

1. Sales Projection:
o In Sheet3, enter the following data:

Product Name Current Price Units Sold Total Revenue


Laptop 800 5 4,000
Smartphone 500 8 4,000
Desk Chair 120 12 1,440
Coffee Table 75 15 1,125

2. Setting Up the Scenario Manager:


o Select the Total Revenue column (D2).
o Go to Data → What-If Analysis → Scenario Manager.
o Click Add to create a new scenario. Name it Price Increase 10%.
o In the changing cells section, select B2(current price column).
o Modify the prices by increasing them by 10% (e.g., Laptop becomes 880, Smartphone
becomes 550, etc.).
3. Adding More Scenarios:
o Add additional scenarios, such as Price Increase 20%.
o In each case, modify the prices accordingly.
4. Generating the Summary:
o After entering the scenarios, click Summary to generate a summary report.
o The report will show how total revenue changes for each price increase scenario.

Task 4: Data Visualization with Charts and Conditional Formatting

Overview:
Data visualization makes it easier to interpret complex datasets. Excel’s charting tools and
conditional formatting allow you to present data trends and patterns visually.

Scenario:
You want to create a bar chart that shows total sales by product category and highlight the top-
performing category using conditional formatting.

1. Creating a Chart:
o Use the sales data from Sheet2.
o Select the Category and Total Sales columns.
o Go to the Insert tab and select a Bar Chart.
o The chart will display each category and its corresponding total sales visually.
2. Customizing the Chart:
o Add a title (e.g., Total Sales by Category).
o Modify the colors and labels for clarity.
3. Using Conditional Formatting:
o Highlight the Total Sales column in the sales data.
o Go to the Home tab and select Conditional Formatting → Top/Bottom Rules → Top
10 Items.
o Set the formatting to highlight the top sales performer (e.g., Electronics category) with a
specific color.

Discussion Questions:

1. How does VLOOKUP help in automating data retrieval in large datasets? Discuss
how VLOOKUP can streamline operations by automatically retrieving relevant data across
spreadsheets.
2. What are the benefits of using Pivot Tables in business decision-making? Explain how
Pivot Tables allow businesses to summarize and analyze large datasets quickly.
3. How can Scenario Manager help in evaluating different business strategies? Explore
how What-If Analysis aids in forecasting outcomes under different pricing or sales
scenarios.
4. Why is data visualization important in communicating business insights? Discuss the
role of charts and conditional formatting in making data easier to understand and interpret.

Lab Assignment:
• Assignment Task:
Create a workbook to analyze the sales of a retail store. Include:
o A product table with product IDs, names, categories, and prices.
o A Pivot Table summarizing total sales by category.
o A Scenario Manager report comparing revenue under different pricing strategies (e.g.,
increase prices by 5%, 10%, 15%).
o A Bar Chart to visualize total sales by category, with conditional formatting to highlight
the top-selling product.
• Submission:
Submit your Excel workbook through the learning management system.
Key Takeaways:
• Advanced Excel techniques such as VLOOKUP, Pivot Tables, and Scenario Manager play a critical
role in business decision-making by automating processes, analyzing data, and forecasting
outcomes.
• Data visualization enhances communication of business insights and helps decision-makers focus
on key performance indicators.
• Mastering these tools can improve productivity and ensure more informed business decisions.

This lab provides students with the skills to apply Excel’s advanced features for real-world
business analysis, helping them prepare for future roles in data-driven decision-making
environments.

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