Power Pivot in Excel sometimes gives me this frustrating model even though my workbook actually does have a Power Pivot model, when I clicked Calculated Fields – Manage Calculated Fields.
Previously I then closed the workbook and Excel and tried again and it usually helped.
But there is actually a workaround that doesn’t require a restart of Excel.
If you click ok in the dialog – then choose Calculated Fields and “New Calculated Field” … the Calculated field dialog appears
Click Cancel and try the “Manage Calculated Fields” again … and now Power Pivot suddenly can find the model