Tips tricks for excel based financial modeling, volume II

Tips & Tricks for Excel-Based Financial Modeling Tips & Tricks for Excel-Based Financial Modeling A Must for Engineers & Financial Analysts Volume II M A Mian, PE Tips & Tricks for Excel-Based Financial Modeling: A Must for Engineers & Financial Analysts, Volume II Copyright © Business Expert Press, LLC, 2017 All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic, mechanical, photocopy, recording, or any other except for brief quotations, not to exceed 400 words, without the prior permission of the publisher First published in 2017 by Business Expert Press, LLC 222 East 46th Street, New York, NY 10017 www.businessexpertpress.com ISBN-13: 978-1-63157-948-6 (paperback) ISBN-13: 978-1-63157-949-3 (e-book) Business Expert Press Finance and Financial Management Collection Collection ISSN: 2331-0049 (print) Collection ISSN: 2331-0057 (electronic) Cover and interior design by Exeter Premedia Services Private Ltd., Chennai, India First edition: 2017 10 Printed in the United States of America Abstract The purpose of this work is to show some advanced concepts related to Excel based financial modeling Microsoft ExcelTM is a very powerful tool and most of the time we not utilize its full potential Although not very difficult to use but it needs practice and continuously striving to use the full potential of Excel Of course, any advanced concepts require the basic knowledge which most of us have and then build on it It is only by hands-on experimentation that one learns the art of constructing an efficient worksheet It is hoped that the examples herein will aid the reader to develop his or her own worksheets using advanced concepts The biggest advantage of Excel is that it is not a black box, especially if you have built the model yourself rather than working with somebody else’s model The basic requirement for most financial modeling is to keep them simple so anyone can look at it can easily figure out how most of the calculations are performed The two volumes of this book cover dynamic charting, macros, goal seek, solver, the routine Excel functions commonly used, the lesser known Excel functions, the Excel’s financial functions, and so on The introduction of macros in these books is not exhaustive but the purpose of what is presented is to show you the power of Excel, and it can be utilized to automate most repetitive calculations at a click of a button For those who use Excel on a daily basis in financial modeling and project/investment evaluations, this book is a must It contains a wealth of practical examples, tips, new techniques all designed to help quickly exploit and master Excel to its full advantage and therefore use spreadsheets more effectively in your jobs Keywords advance Excel, Excel based financial modeling, financial modeling, investment evaluation, investment evaluation modeling, Microsoft ExcelTM, project economics Contents Preface Chapter Creating Dropdown Lists Chapter Using Excel’s Data Tab Chapter Presenting Information Using Charts Chapter Automating Worksheets About the Author Index Preface In this Volume of the book, we continue with other important use of Excel in Financial Modeling Six chapters were presented in Volume 1, followed by four more chapters in this volume Both volumes complement each other As mentioned in Volume 1, this book is an outcome of teaching “Project Economics, Risk and Decision Analysis” course to more than 800 participants since 2006 The course is computer based where problems are solved using Excel It is observed during these courses that a majority of the participants really struggle with the correct and efficient use of Excel in solving problems The book is about utilizing the full potential of Microsoft ExcelTM in financial modeling and other technical fields Simple, intuitive, step-by-step instructions reinforce theoretical intuition while teaching mechanics of the model building process The author uses his 35 years of experience in writing this book and therefore it introduces the most practical and direct approach to mastering the Excel-based financial modeling The book teaches students and professionals how to build, analyze, interpret, and present financial models in a step-by-step fashion at their own pace A case study format is used to make sure the recipients can comprehend the real life modeling challenges The book bridges the gap between academics and the real world to equip recipients with the practical financial skill set that they will need on the job The book starts with introducing the basic financial and other routinely usable functions of Excel, how to correctly use these functions, what are the limitations of these functions, how to overcome these limitations, and so on The book then grills into how to incorporate these functions into the context of a complete economics or financial model Finally, it provides opportunity to help users interpret the outcome of the models The book will not only help in exploring the most advanced features of Excel, it will also help you in understanding the financial analysis concepts, project economics models, fiscal regimes in the oil and gas industry, crafting the most dynamic fiscal models, dynamic charting, sensitivity analysis, building waterfall charts, building multivariable cross plots, and spreadsheet automation through macros and VBA Who is the audience for this book and why they should not be without it? Financial analysts Engineers involved in budgeting, AFE preparation and project economics (engineering economics) Personnel involved in preparation of corporate business plan New business development personnel Professionals related to investment, equity research, credit, project, mergers and acquisition, and corporate finance Students pursuing financial and engineering education (undergraduate and graduate) at the university level The in-depth knowledge of Excel will greatly enhance their efficiency and out of the box thinking It is also emphasized in the classroom that it is always helpful to draw a time diagram to be able to visualize where the cash outflows and inflows are taking place The most common mistake in project economics is when economists fail to properly identify the timing of the cash flows Although it may look trivial, shifting a cash-flow by one period can make significant difference in decision making Besides this book, specific to financial modeling, there are many, many other sources available to learn from They are all good references, but they provide generic use of Excel, that is, not specific to financial modeling It takes time to understand these generic applications and then try to incorporate them in the financial modeling I have concentrated on the use of some of the ones I frequently visit or consult with I frequently use Excel Forum (www.excelforum.com) when I am stuck I have always received prompt and valuable suggestions from the members of Excel Forum From time to time I log into Chandoo’s blog (http://chandoo.org/wp) to capture new ideas The Peltier Tech Blog (http://peltiertech.com) is another useful blog with good tips and tricks from time to time My Online Training Hub by Mynda Treacy (www.MyOnlineTrainingHub.com) I have also subscribed to the Excel Demy’s (www.ExcelDemy.com) periodic e-mails with useful tips and tricks However, a majority of the sites give generic examples, and some of them may not be even applicable to specific financial modeling situations The thing that is different with this book is that it is specific to financial modeling and bridges the gap between the generic and specific techniques The concepts presented in this book are accompanied by Excel spreadsheets or worksheets so that the users can reinforce their understanding by looking at how these are developed These spreadsheets are available in a Dropbox at the following link For any questions, corrections, and suggestions, please feel free to contact the author at mianma@OGKnowledgeShare.com or mianma.OGKnowledgeShare@gmail.com All the figures and tables in this book are available at the following link on Dropbox https://www.dropbox.com/sh/k3m504hyibuy1gq/AACE4msYC2JYd8WyaP_K534a?dl=0 CHAPTER Creating Dropdown Lists In this chapter, we will show how to develop dropdown lists or menus to control data entry and user choices available in the model Dropdown lists can greatly facilitate data entry by limiting user entries and forcing users to choose a value from a controlled list The data validation dialog box in the Excel’s Data tab is used to construct dropdown lists of various types and complexities Creating Simple Dropdown List It is very helpful in financial models to be able to pick option from a dropdown menu of various options available in the model For example, I have a worksheet that has products’ pricing scenarios under (a) Low Case, (b) Base Case, and (c) High Case If I have a dropdown menu of these three pricing options in the model, I will be able to assess the impact of these three pricing scenarios on the economics of the project easily Creating a dropdown menu requires the following steps Enter the names of the three scenarios in Cells A3, A4, and A5 as shown in Figure 1.1a Figure 1.1 Stages of creating a dropdown menu in Excel We would like to select the option in Cell A1 Upon selection of the desired option in Cell A1, VLOOKUP, INDEX, and MATCH functions are then used to read the respective pricing scenario another target revenue in Cell J6 We can edit the Macro to fix some of the above problems as shown below In the edited version, the redundant codes are deleted and the additional target cells are manually added and edited The revised Macro is shown below Sub Macro3() ‘ ‘ Macro3 Macro ‘ ‘ Range(“K2”).GoalSeek Goal:=30000, ChangingCell:=Range(“L2”) Range(“K3”).GoalSeek Goal:=29000, ChangingCell:=Range(“L3”) Range(“K4”).GoalSeek Goal:=28200, ChangingCell:=Range(“L4”) Range(“K5”).GoalSeek Goal:=27560, ChangingCell:=Range(“L5”) Range(“K6”).GoalSeek Goal:=27048, ChangingCell:=Range(“L6”) Range(“K7”).GoalSeek Goal:=26638, ChangingCell:=Range(“L7”) Range (“K8”).GoalSeek Goal:=26311, ChangingCell:=Range(“L8”) End Sub The Macro still has two limitations (a) hard-coded Goals and (b) the Macro will not stop if the targets are empty In the Macro below the hard coded targets are replaced by the Range Cell reference [Range(“J2”) to Range(“J8”)] as shown below Sub Macro3() ‘ ‘ Macro3 Macro ‘ ‘ Range(“K2”).GoalSeek Goal:=Range(“J2”), ChangingCell:=Range(“L2”) Range(“K3”).GoalSeek Goal:= Range(“J3”), ChangingCell:=Range(“L3”) Range(“K4”).GoalSeek Goal:= Range(“J4”), ChangingCell:=Range(“L4”) Range(“K5”).GoalSeek Goal:= Range(“J5”), ChangingCell:=Range(“L5”) Range(“K6”).GoalSeek Goal:= Range(“J6”), ChangingCell:=Range(“L6”) Range(“K7”).GoalSeek Goal:= Range(“J7”), ChangingCell:=Range(“L7”) Range (“K8”).GoalSeek Goal:= Range(“J8”), ChangingCell:=Range(“L8”) End Sub Now only one limitation is left, that is, to stop the calculations when the Macro encounters empty target cells This limitation is eliminated by adding IF statement in the Macro as shown below The If ActiveSheet Range(“J2”).Value = ”” Then Exit Sub tells the Macro that if the Target Cell is empty then Exit the Macro The “Sub” is an abbreviation for Subroutine Copy the following Macro → Developer → Macros → Edit → Paste Macro4 at the end of the existing Macros Sub Macro4() ‘ ‘ Macro4 Macro ‘ ‘ If ActiveSheet.Range(“J2”).Value = ”” Then Exit Sub Range(“K2”).GoalSeek Goal:=Range(“J2”), ChangingCell:=Range(“L2”) If ActiveSheet.Range(“J3”).Value = ”” Then Exit Sub Range(“K3”).GoalSeek Goal:=Range(“J3”), ChangingCell:=Range(“L3”) If ActiveSheet.Range(“J4”).Value = ”” Then Exit Sub Range(“K4”).GoalSeek Goal:=Range(“J4”), ChangingCell:=Range(“L4”) If ActiveSheet.Range(“J5”).Value = ”” Then Exit Sub Range(“K5”).GoalSeek Goal:=Range(“J5”), ChangingCell:=Range(“L5”) If ActiveSheet.Range(“J6”).Value = ”” Then Exit Sub Range(“K6”).GoalSeek Goal:=Range(“J6”), ChangingCell:=Range(“L6”) If ActiveSheet.Range(“J7”).Value = ”” Then Exit Sub Range(“K7”).GoalSeek Goal:=Range(“J7”), ChangingCell:=Range(“L7”) If ActiveSheet.Range(“J8”).Value = ”” Then Exit Sub Range (“K8”).GoalSeek Goal:=Range(“J8”), ChangingCell:=Range(“L8”) End Sub Assign Macro4 to another Button in the worksheet and change the text to show that by clicking on this button, Macro4 will be executed Macro4 is now flexible and all the limitations are eliminated However, can you imagine how the code will look like if you had to match targets for 20 years or so? The code will be very crowded and may be subject to other logic errors because it becomes too cumbersome to edit properly This problem can also be solved by incorporating all the steps in a nested IF Loop as shown in Macro5 below Sub Macro5() ‘ ‘ Macro5 Macro ‘ ‘ Dim i As Integer For i = To If ActiveSheet.Range(“J” & i).Value = ”” Then Exit Sub Range(“K” & i).GoalSeek Goal:=Range(“J” & i), ChangingCell:= Range(“L” & i) Next Range(“A1”).Select End Sub Macro5 shows the use of the “&” function to combine (CONCATENATE) the Cell reference with the integer On the first iteration, all the Cell references (J, K, and L) are changed to J2, K2, and L2 sine the integer “i” starts from The reason we are using and as the limits is because the Goal Seek starts in Row and ends in Row Calculations are performed When the Macro sees NEXT, it starts again from the For i = To On the second iteration it changes the cell references to J3, K3, and L3 Every time the Macro goes back, it remembers the count and accordingly changes the cell references After every For i = To the Macro first tests if the Target Cell is empty or not If the Target Cell is empty then it skips the next steps and goes to the End Sub Enter the above Macro as Macro5 in the same worksheet Macros can be added to the existing Macros by Clicking on Developer tab → Macro → Enter A in Macro Name → Click on Create as shown in Figure 4.14 Now copy the above Macro (Macro5) and paste it inbetween the Sub Macro5() and End Sub Assign this Macro to another Form Control Button in the same worksheet Figure 4.14 Adding Macro to exiting Macros The final worksheet is shown in Figure 4.15 with all the Macros developed in this section Figure 4.15 Final version of Figure 4.12 You can also develop code for nested loops as shown below Sub MacroX() ‘ ‘ MacroX Macro ‘ Dim i As Integer, j As Integer For i = To For j = To Cells(i, j).Value = WorksheetFunction.RandBetween(20, 100) Next j Next i End Sub Using SOLVER in Macro The investment optimization problem in Figure 2.59 (Chapter 2) is used to automate the SOLVER operation The Record Macro option of Excel is used to record the Macro The following VBA code is recorded by Excel Sub Macro6() ‘ ‘ Macro6 Macro ‘ ‘ SolverOk SetCell:=“$G$8”, MaxMinVal:=1, ValueOf:=0, ByChange:=“$B$7:$F$7”, _ Engine:=2, EngineDesc:=“Simplex LP” SolverAdd CellRef:=“$B$7:$F$7”, Relation:=5, FormulaText:=“binary” SolverAdd CellRef:=“$I$2:$I$5”, FormulaText:=“$H$2:$H$5” SolverOk SetCell:=“$G$8”, MaxMinVal:=1, ValueOf:=0, ByChange:=“$B$7:$F$7”, _ Engine:=2, EngineDesc:=“Simplex LP” SolverOk SetCell:=“$G$8”, MaxMinVal:=1, ValueOf:=0, ByChange:=“$B$7:$F$7”, _ Engine:=2, EngineDesc:=“Simplex LP” SolverSolve End Sub Relation:=1, This code, as is, will not work Lot of editing is required to make it to function correctly Following is the revised Code Note, that many dialogs are same but with some redundancy Sub Macro7() Application.Run “SolverReset” Application.Run “SolverOK”, “$G$8”, 1, 0, “$B$7:$F$7”, _ 2, “Simplex LP” Application.Run “SolverAdd”, “$B$7:$F$7”, 5, “binary” Application.Run “SolverAdd”, “$I$2:$I$5”, 1, “$H$2:$H$5” Application.Run “SolverSolve”, True Range(“G8”).Select End Sub Following are the differences between Macro6 (recorded by the Macro Recorder) and Macro7 (the edited version) Each line in the Code must start with Application.Run, this is telling Excel that Solver is an Application The Macro recorder does not insert this argument in the Code in Macro6 SolverOK, SolverSolver, and SolverAdd are the same in both Macros but in Macro7 each is enclosed in double quotes while in Macro6 they are not enclosed in double quotes In Macro6 the other arguments in the Solver Parameters dialog box are referred to by sequence number, that is, no description such as MaxMinValue, ValueOf, ByChange, FormulaText, and so on As shown in Figure 4.16, Max = 1, Min = 2, Value Of = and the value is zero if Max or Min are selected otherwise the required value has to be entered Figure 4.16 The Solver Parameters dialog box Cell references in Macro6 are preceded by CelLRef = Macro7 does not use the text CellRef The Change Constraints in Macro6 are preceded by the text Relation = In Macro7 only reference number of the constraint is specified The reference numbers of the constraints are shown in Figure 4.17 Figure 4.17 The Change Constraint dialog box for SOLVER In Macro6, the Solving Method (Search Engine) is preceded by the text Engine= Macro7 only specifies the reference number and enter the Solving Method in double quotes At the end, Macro6 enters SolverSolve but does not specify if it is TRUE or FALSE Macro7 specifies TRUE Debugging a Macro When a Macro is developed, it may sometimes have errors in it and these errors need to be corrected When a Macro with errors is executed, it will stop execution when it reaches a Code that is not correct or it is not recognized by Excel The Microsoft VBA error message, as shown in Figure 4.18 will appear Click on OK, you will be taken the VBA Code and the Code that has error will be highlighted in yellow This is where the Macro execution stopped Figure 4.18 The Macro Compile error warning Correcting this error is referred to as debugging The process of debugging a Macro in VBA is the same as debugging in any other programming language The process of debugging requires stepping through the Code one command at a time and carefully reviewing the logic The F8 key can be used to step through the Macro lineby-line In this process you will also examine the Code for any redundant command Once you get used to writing Macros, it becomes very easy to recognize the commands and how they will perform when the Macro is executed Common VBA Arguments Table 4.1 shows some commonly used VBA arguments Try some of these codes to get a feel for the VBA These are just some samples, you can always find a specific Code by using the Record Macro Table 4.1 Example of VBA codes Argument Cells(1,1) Function Refers to Row1 Column1, that is, A1 Cells(1,4) = “Y ong” inserts Y ong in Cell D1 Range(“A1”).Select Select Cell A1—Same as Cells(1,1) Sheets(“Sheet2”).Range(“A5”) = “Y ong” Go to Cell A5 in Sheet2 and enter Y ong Range(“B2:C4”).Select Selects Cells B2, B3, B4, C2, C3 and C4 Range(“B2:C4”).Select Selection.Interior.ColorIndex = Selects Cell B2:C4 and changes fills the Cells with Red color 1—Black, 2—White, 3—Red, 4—Green 5— Blue, 6—Y ellow, 7—Purple Range(“A1:B4”).Copy Range(“E1”).Select ActiveSheet.Paste Application.CutCopyMode = False Copies the contents from Cells A1:B4 and pastes them in Cell E1:F4 in the same sheet where the content is; the Copy mode is then deactivated Range(“A1:D5”).Clear Clears the contents and Format of Cells A1:D5 Range(“A1:D5”).ClearContents Only the data in these Cells will be deleted Sheet(“SheetName”).Cells.Clear Clear the content and format of the entire worksheet Sheets(“SheetName”).Cells.ClearContents Clears only the contents of the entire worksheet Range(“A1:B4”).Font.ColorIndex = Changes the Font color to Red in Cells A1:B4 Range(“A1:B4”).Font.Bold Changes the Font to bold in Cells A1:B4 Range(“A1:B4”).Merge Range(“A1:B4”).UnMerge Merges the Cells A1:B4 Unmerge Cell A1:B4 Range(“A1”).ClearComments Range(“A1”).AddComment To add and clear comments in Cell A1 Range(“A3”).AddComment Range(“A3”).Comment.Text Text:=“This is Example Comment Text” Adds a Comment to Cell A3 About the Author M A Mian has more than 35 years of experience in the oil and gas industry He has worked with Saudi Aramco as a Sr Petroleum Engineering Consultant, with Qatar Petroleum as Head of QP Operations and Planning, Keplinger & Associates (International Energy Consultants in Denver, Colorado, USA), and as an independent consultant in Colorado, USA He has extensive experience in Project Economics and Decision Analysis His working experience includes petroleum reservoir engineering, economic evaluation of multibillion-dollar oil and gas projects, and building financial/economics models He had been involved in developing economics models for the economic evaluation of oil and gas field development projects, LNG plants, power plants, oil refineries, NGL recovery plants, and Oil and Gas fiscal regimes He delivers short courses on Project Economics, Risk and Decision Analysis (intermediate and advanced levels), and International Fiscal Regimes He has delivered courses in more than 25 countries worldwide and recognized as a subject matter expert (SME) in Project Economics Mian is the author of four books: (a) Petroleum Engineering Handbook for the Practicing Engineer, Volume and and (b) Project Economics and Decision Analysis, Volume and He has also published several technical articles in the oil and gas trade journals Mian has a BSc in Mechanical Engineering, MSc in Petroleum Engineering, and MSc in Mineral Economics Both the masters’ degrees are from Colorado School of Mines, Golden, Colorado, USA Mian is also a registered professional engineer (PE) in the State of Colorado, USA Index ActiveX controls, 12, 27, 105 ampersand (&), bubble chart, 80–81 Button (Form Control), 15–16 CAPEX (Capital Expenditure), 52–55 cash flow, 44–49 consolidated, 47–48 Data Table function on, 53 to illustrate Scenario Manager, 60 using Goal Seek, 51–52 chart(s) bubble, 80–81 dynamic, 81–88 guidelines, 77–80 interactive, 105–107 multivariable, 101–105 scatter, 107–112 spider, 100–101 tornado, 95–100 waterfall, 88–95 Check Box (Form Control), 18–21 Combo Box (Form Control), 17–18 CONSOLIDATE function, 44–49 according to position, 44–47 into existing template, 47–48 using formula, 48–49 control(s) ActiveX, 27 Form Control, 12–27 CORREL function, 108–109 correlating variables, 107–112 creating dependent dropdown list, 3–12 dynamic chart, 81–84 multivariable charts, 101–105 new Range Name, 85 simple dropdown list, 1–3 Data tab, Excel, 29–76 Data Table option, 52–55 Data Validation dialog box, 2–3, 30 error alert dialog box, 32 function, 29–32 debugging Macros, 132 DEVELOPER tab, 12 dropdown list dependent, 3–12 simple, 1–3 dynamic charting, 81–88 Dynamic Formula method, 84–88 Flash Fill function, 32–34 FORECAST function, 109–110 Form Control, 12–27 Button, 15–16 Check Box, 18–21 Combo Box, 17–18 Group Box, 25 inserting, 14–15 Label, 25 List Box, 22–24 Option Button, 24–25 Scroll Bar, 26–27 Spin Button, 21–22 uses of, 13–15 Format Trendline Option, 107–108 function(s) Data Analysis, 29 CONSOLIDATE, 29, 44–49 CORREL, 108–109 Data Validation, 29–32 Flash Fill, 29, 32–34 FORECAST, 109–110 Group, 29, 36–38 INDIRECT, INSERT, 14 INTERCEPT, 110–111 LINEST, 111–112 Remove Duplicates, 29, 34–36 Scenario Manager, 55–61 SLOPE, 110–111 SOLVER, 29, 62 SUBTOTAL, 29, 38–44 TREND, 109–110 Ungroup, 29, 36–38 What-If Analysis, 29, 49–52 See also Option(s) Goal Seek option, 49–52 Goal Seek Status, 50 Group Box (Form Control), 25 Group function, 36–38 HLOOKUP, hyphen (-), hyperbolic curve analysis, 66–71 INDIRECT formula, 11 INDIRECT function, INSERT function, 14 inserting check boxes, 20 form controls, 14–15 Scroll Bar, 26–27 stacked vertical column chart, 91 interactive chart, 105–107 INTERCEPT function, 110–111 intersection of two lines, 112 investment optimization multiperiod, 71–73 portfolio, 62–66 under total budget constraint, 73–76 Label (Form Control), 25–26 LINEST function, 111–112 List Box (Form Control), 22–24 Long Range Marginal Cost (LRMC), 89–90 Macro(s) debugging, 132 icons, 114–115 nested loops in, 121–129 one-click execution of, 120–121 recording, 114–120 using SOLVER in, 129–132 and VBA, 113–114 Macro recording option, 113 Modify, 12 multivariable chart, 101–105 nested loops in Macros, 121–129 net present value (NPV), 51 one-click execution of Macro, 120–121 OPEX (operating expenditure), 52–55 optimization See investment optimization optimizing investment portfolio, 62–66 Option Button (Form Control), 24–25 Option(s) Data Table, 52–55 Format Trendline, 107–108 Goal Seek, 49–52 Macro recording, 113 Scenario Manager, 55–61 pricing worksheet, 3–12 Profitability Index (PI), 73 push button See Button (Form Control) Radio Button See Option Button rate of return (IRR), 51 recording Macro, 114–120 Remove Duplicate function, 34–36 scatter chart, 107–112 Scenario Manager option, 55–61 Scroll Bar (Form Control), 26–27 shortcut key, 116 SLOPE function, 110–111 SOLVER in Macros, 129–132 Solver option, 61–76 hyperbolic decline curve analysis using, 66–71 investment optimization under total budget constraint, 73–76 multiperiod investment optimization, 71–73 optimizing investment portfolio, 62–66 spider diagram, 100–101 Spin Button (Form Control), 21–22 SUBSTITUTE formula, 11 SUBTOTAL function, 38–44 tornado diagram, 95–100 TREND function, 109–110 Ungroup function, 36–38 variables, correlating, 107–112 Visual Basic for Application (VBA) code, 13, 133 Macros and, 113–114 visual presentation in Excel See chart(s) VLOOKUP, waterfall chart, 88–95 worksheet(s), Excel automating, 113–133 check boxes inserted in, 20 consolidated, 45–49 hyperbolic decline curve analysis, 68 inserting form controls in, 14–15 pricing, 3–4 XML commands, 12 OTHER TITLES IN OUR FINANCE AND FINANCIAL MANAGEMENT COLLECTION John A Doukas, Old Dominion University, Editor • Financial Services Sales Handbook: A Professionals Guide to Becoming a Top Producer by Clifton T Warren • Money Laundering and Terrorist Financing Activities: A Primer on Avoidance Management for Money Managers by Milan Frankl and Ayse Ebru Kurcer • Introduction to Foreign Exchange Rates, Second Edition by Thomas J O’Brien • Rays of Research on Real Estate Development by Jaime Luque • Weathering the Storm: The Financial Crisis and the EU Response, Volume I: Background and Origins of the Crisis by Javier Villar Burke • Weathering the Storm: The Financial Crisis and the EU Response, Volume II: The Response to the Crisis by Javier Villar Burke • Rethinking Risk Management: Critically Examining Old Ideas and New Concepts by Rick Nason • Towards a Safer World of Banking: Bank Regulation After the Subprime Crisis by T.T Ram Mohan • Escape from the Central Bank Trap: How to Escape From the $20 Trillion Monetary Expansion Unharmed by Daniel Lacalle Announcing the Business Expert Press Digital Library Concise e-books business students need for classroom and research This book can also be purchased in an e-book collection by your library as • • • • • a one-time purchase, that is owned forever, allows for simultaneous readers, has no restrictions on printing, and can be downloaded as PDFs from within the library community Our digital library collections are a great solution to beat the rising cost of textbooks Ebooks can be loaded into their course management systems or onto students’ e-book readers The Business Expert Press digital libraries are very affordable, with no obligation to buy in future years For more information, please visit www.businessexpertpress.com/librarians To set up a trial in the United States, please email sales@businessexpertpress.com .. .Tips & Tricks for Excel- Based Financial Modeling Tips & Tricks for Excel- Based Financial Modeling A Must for Engineers & Financial Analysts Volume II M A Mian, PE Tips & Tricks for Excel- Based. .. are performed The two volumes of this book cover dynamic charting, macros, goal seek, solver, the routine Excel functions commonly used, the lesser known Excel functions, the Excel s financial. .. examples, tips, new techniques all designed to help quickly exploit and master Excel to its full advantage and therefore use spreadsheets more effectively in your jobs Keywords advance Excel, Excel based