Crystal Ball Software Terms Defined
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Provide detailed definitions and explanations of key terms: assumption, forecast, and decision as used in Crystal Ball.
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Solution Summary
This solution provides detailed definitions and explanations of keys terms used the Crystal Ball software. These include assumption, forecast, and decision. The explanation is given in 398 words.
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Assumption (or the value for the "assumption cell") - In general, this is a "known" value to use in a Crystal Ball spreadsheet. More than likely this will be an estimated value or input. In order to be more detailed in my explanation, I would need to know how you are planning on using the program. That is, what decision are you trying to make ... or what question you are asking the software. Using an example from the manual's Introduction, one scenario you could ask is "Will we stay under budget if we build this facility?". In this example, an "assumption" might be the number of employees needed to build/design the facility, or what the material ...
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