We, analysts take pride in the fact that we tell stories. But what if you have a boss, client or colleague who wouldn’t buy the story?
This is a problem we face often. Let’s say your boss has stubborn opinion about something, like more advertising leads to more sales. You know the data doesn’t support this theory. But how do you change your boss’ mind?
Here is an interesting way, showcased in NY Times recently.
Changing stubborn opinions with visualizations – 3 step process:
Assuming we are talking about ad spend vs. sales example:
- Ask your boss to draw a line that (s)he thinks to be true.
- Then show the line from original data (or observations).
- Tell your boss how accurate / wrong his(her) line is.
This technic can be very persuasive if you make it interactive.
For more on how NY Times implemented it, check out this page:
How family income affects children’s college chances
Your thoughts please:
Here are 2 questions for you:
- How do you change someone’s mind using data?
- How would you implement these concepts in Excel?
Go ahead and share your thoughts in the comments section.
I have a stubborn opinion that only 1% people who read articles on Chandoo.org leave comments. Change my mind. 🙂
6 Responses to “Nest Egg Calculator using Power BI”
Wow! What a Powerful article!
Hello Chandoo Sir
your file does not work with Excel 2016.
how can I try my hands on this powerful nest egg file ?
thanks
Ravi Santwani
@Ravi... this is a Power BI workbook. You need Power BI Desktop to view it. See the below tutorial to understand what Power BI is:
https://chandoo.org/wp/introduction-to-power-bi/
As always, superb article Chandoo... 🙂
Just one minor issue:
While following your steps and replicating this calculator in PowerBI, I found that the Growth Pct Parameters should be set as "Decimal number" not "Whole Number"
OR
we have to make corresponding adjustments in the Forecast formulas (i.e. divide by 100) to get accurate results.
You are right. I used whole number but modified the auto created harvester measure with /100 at end. Sorry I did not mention it in the tutorial.
Instead of
[Growth Pct 1 Value]/12
the monthly rate has to be
(1+[Growth Pct 1 Value])^(1/12)-1
It's a slight difference but in 30 years the future value will be $100k less.