Using the what-if function in Excel to make a decision is considered a type of forecast and scenario model.
Excel sheet is a tool provided by Microsoft Office which helps in storing lot of data in the form of charts or spreadsheets and numerous functions are provided within it to perform calculations and help in easy functioning. Several statistics based functions are also provided by Excel. The if function allows us to make logical comparisons between a true value and measured value. The three arguments which are provided for the functioning of 'if' function are performing a test specimen, providing a value for function and then specifying the function as true or false.
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