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Recommendations on an Excel or Google Sheets add-in to model scenarios.

By default, this sheet does not do any calculations, except to point to how to do robust scenario analysis in spreadsheets using add-ins. While we can use Excel or Google Sheets to generate random numbers and trials to create basic Monte Carlo simulations (e.g. Introduction to Monte Carlo simulation in Excel and Creating a Monte Carlo Simulation Using Excel), I like to leverage Excel and Google Sheets add-ins to built out scenarios and analyze outputs based on distributions of assumptions, as the construction of scenarios and the reporting of the results is far faster and easier.

Many tools exist - I’ve used RiskAmp, @Risk, and Crystal Ball in the past, one tool I like is a web-based tool for modeling called Causal which also has add-ins for Excel and Google Sheets. 1 Install through the web for Causal Scenarios for Microsoft Excel → and Causal Scenarios for Microsoft Excel →

How to use

Install your desired add-in, and follow the instructions in the add-in to create your scenarios. For Causal, read Causal Scenarios for Google Sheets →


No inputs on this sheet, although a common modification is to set up scenario inputs on this sheet.

Common Modifications

The common modification is to set up this sheet to create a set of inputs intended to evaluate using scenario analysis. Many people will create inputs on this sheet, then link the input on Get Started or elsewhere into the input on this sheet, to make a single, simple place to edit to evaluate scenarios.

Questions, contact me, happy to help.

  1. Disclosure, Taylor Davidson is an angel investor in Causal. That said, I’ve created Monte Carlo analysis many times over the years, and I really enjoy how easy it is to use their add-ins, and I’d recommend it regardless.