Qunatitative Decisions in Business Essay Example | Topics and Well Written Essays - 1500 words

Qunatitative Decisions in Business - Essay Example All of these topics are related to quantitative decisions in business. Plan. Problems are the groundwork of modeling that is why understanding and identifying problems are necessary before commencing with a plan. If problems are already at hand, then relevant data should also be gathered together. These two elements are needed in the formulation of spreadsheets model and in doing some calculations by hand. This initial calculation will give a background of results to be followed by second hand calculations for a checking of results, and finally the sketching of spreadsheets layout before entering the various elements. Build. After the planning stage is the building of spreadsheet model, wherein the sketch layout is moved into the new worksheet in Excel for finalization. Always start with a small version and thoroughly examined the model if the logic are working accurately before expanding to a full-scale model. Test. The manageable version of the model is being tested to determine the accuracy of results. If ever there are major problems along the way like the giving of unexpected results or the changing of values, all of these can be easily corrected because of the model’s manageable size. Build. The process of building and testing often moves back and forth especially if errors occur several times. If the testing of the small version of model verifies accuracy then it is time to build a much larger spreadsheet. There could only be a full-scale version of the model if satisfaction has already been attained. Analyze. It is not impossible to encounter problems at the evaluation stage even if the model has been into several tests. At this stage, the results of the tests in the small version and full-scale version are thoroughly examined. This is to make sure that the output cells give the accurate answers and inadequacies are being revealed. If