Power BI is an incredible tool to run scenario analysis and what-if analysis examples. I’ve actually never seen or come across an analytical tool that is as effective and intuitive to implement this type of complex analytics.
The key is that you’ve got to think more analytically about the underlying elements in your datasets than what you may have done in the past.
You need to isolate key variables, then decide how you actually want to run the ‘what-if’ or scenario analysis on top of them.
In this video, I show you how you can bring together many different elements within Power BI, especially with DAX formulas, to ultimately initiate this type of analysis in your own models.
Creating ‘what-if’ analysis has become a lot easier with the ‘what-if’ parameters that you can now initiate from the top ribbon in Power BI. Once these are enabled, it’s just a matter of using the measures (which are automatically created) and bringing those into effect to shock the necessary variables in your data.
These can be things like price or quantity demanded, or commodity costs, etc. (I dive deeper into these variables during the tutorial).
One of the key learnings of scenario analysis inside Power BI is that you have to understand iterating functions very well. Within the video example, I showcase how you can isolate certain variables and then overlay the correct ‘what-if’ parameter to them, inside of an iterating function like SUMX.
This is really the only way you can do it effectively, so you should certainly look to master this concept.
If you can get to an understanding of how this all works, then you can very quickly do some complex work within your models and over your own data sets, which is ultimately the key thing I want you to be able to achieve.
As soon as you do this once or twice, you’ll be able to start creating very effective Power BI models that are producing some really high quality insights.
If you want to explore many more concepts and applications of scenario analysis in Power BI, check out my Scenario Analysis Deep Dive course at Enterprise DNA Online. There are plenty more advanced techniques to learn about creating this powerful type of analytics.
Good luck implementing this one.