Goal seeks approach can be applied to the presented data to analyze the expenses. For instance, one can decide on the amount to borrow to fiancé the expenses likely to be incurred within the eight years. In this case, it is possible to determine the amount suitable for the expenses, how long it will take to recover the expenses and the amount likely to be collected each year. Goal seeks can help us to determine the amount required for the expenses. For example, if the value of the money required is $ 7,000,000 for shipping expenses, we can use the goal seek an approach to determine the cells that will result in a similar amount. In this case, the following steps are performed:

Open the Excel Tab, click on What-if Analysis in the Data Tool group and choose Goal Seek. In the dialogue box, ensure that the Set cell box contains a specific formula that you want to resolve based on the functions applied in each cell on the worksheet. The reference is found in cell B12 which contain the desired formula.

In the To Value, you are required to enter the type of formula that you want which corresponds to the expected results. Finally, in the box labeled By Changing cell, the type you need to insert the reference that represents the specific cell that you want to adjust its value or data. When performing the goal seek analysis, respective cells should contain a correct formula for accuracy.

Similar, the Goal seek analysis can be used to set specific targets on the sales for the representatives to receive a bonus or commission. For example, a sale agent must achieve $200,000,000 in year 1 for him or her to be given a bonus. The data collected provide the units of goods sold and the price for each item.  The goal seek used to determine the number of items or goods to be sold in order for the sales to amount to 200,000,000. In this case, the Goal Seek lets you create or set up your desirable formula that can be substituted once to determine the results expected.

Steps include selecting the formula cell and then click on Tools. In the group, select Goal Seek, this action will display a dialogue box. In the Set Cell field, enter the location of the formula that you apply to get the expected results. For this case, the formula represents the product of the items sold in Year 1 and the Price per unit (Annual Price Increase). Specify the target value or the end results expected, in this case, $200,000,000 is entered in the To Value field. You are not supposed to reference a cell that contains your goal, and the Excel does not execute this command.  Lastly, in the By Changing Cell, type the cell location containing the variable that needs to be adjusted to achieve the desired results. In this case, the reference cell to be located contains the units of goods or items to be sold in order to achieve the target of $200,000,000. Therefore, it is evident that the mentioned scenarios can be solved by applying the Goal Seek analysis of the data collected. Goal Seek serves essential roles in accounting and finance. However, its application is limited to the data requiring the use of a single variable to determine the desirable outcomes.

 
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