Experience the Next Level of Forecasting the Future Using Xcelsius Dashboard Applications
- by Sandesh Darne, Mobility Practice Head, L&T Infotech
- April 12, 2011
Xcelsius dashboard applications present facts graphically, providing insight that helps in making business decisions. However, the future is uncertain and decisions should take that into account. Learn how Xcelsius can transform business facts into statistically valid probability models that give a more accurate view of the future using Monte Carlo simulation techniques. Sample code is provided.
Apart from high-level information projections, most Xcelsius dashboard applications are designed to provide analytical information using data models and intuitive interface layers. However, further churning of the facts with a better perspective on the future is expected as part of the decision making process. An example is forecasting sales demand based on Monte Carlo simulations to do predictive analysis for reliable support for sales decisions. Microsoft Excel add-ons and macro designs are often chosen for quick business parameter analysis, but the Xcelsius-based Excel engine does not support VBA programming code such as macros as part of generated dashboard applications. However, with the use of an Excel statistical data model, companies can perform simulation tasks within the design framework of Xcelsius.
Business executives have access to large quantities of data obtained from a variety of sources. However, data complexity makes the extraction of practical information difficult without the use of statistical methods. Furthermore, executives seek information based on statistical forecasting that concentrates on using the past to predict the future by identifying trends, patterns, and business drivers. For better insight into the future, executives need to deal with uncertainty in business external factors such as market demand.
Some simple yet effective approaches enable the Xcelsius dashboard applications to perform probability analysis and simulation techniques. You can combine Microsoft Excel components with custom Xcelsius components to perform those simulation tasks.
The Microsoft Excel spreadsheet has become somewhat of a standard for quick and manageable data management and analysis. It is easily used to do a variety of calculations. It includes statistical functions and a Data Analysis ToolPak. Its strength lies in two areas: a set of formulas and Excel programming.
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