Asked by BHUVANA SUNDAR on Jul 08, 2024
Verified
Explain the procedure associated with Decision Table tool in Crystal Ball.
Decision Table Tool
A visual representation tool that summarizes complex decision logic by listing possible conditions and actions or outcomes in a table format.
Crystal Ball
Software used for predictive modeling, simulation, and forecasting, often utilized in financial analysis and project management.
- Comprehend the role and use of Decision Tables and Scenario Analysis tools in risk management.
Verified Answer
SP
Sally Plays& Aamiq PlaysJul 11, 2024
Final Answer :
The Decision Table tool is useful to identify the best values of a decision variable.So,first,define the decision variable in Crystal Ball using Define Decision in the Define group.Now,select the Decision Table tool from the More Tools menu in the Tools group.The first two dialogs that appear ask to select the forecast and decision variable to evaluate.In the third (Options)dialog,set the number of trials for each simulation and click the Run button.When the simulations are completed,a new worksheet will be displayed that shows the mean values of the forecast for each value of the decision variable.By selecting one of these cells and clicking on the Forecast Charts button,the forecast chart for that simulation run can be displayed.A range of cells can also be selected to display trend or overlay charts.
Learning Objectives
- Comprehend the role and use of Decision Tables and Scenario Analysis tools in risk management.
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