What are four advantages of using a spreadsheet to answer 'what-if?' questions?
It is quicker and easier than using a physical model, saving time and money.
It is less risky, as lots of questions can be asked within the spreadsheet model to test many scenarios, before they are tested in real life.
Only one model needs to be built, which can then be changed. If a physical model is built, then a different one will be needed each time a change is made.
No-additional software is required: spreadsheets are standard business software. Most people are able or have the knowledge on how to use a spreadsheet, so there is no need for additional specialist training.
Using lots of 'what-if?' questions could slow down the spreadsheet's performance, making if more difficult to carry out other tasks.
You can use these questions to test out physical models as well as spreadsheet models.
You can choose from a drop down menu of personalised 'what-if?' questions within the spreadsheet model, so you don't have to type out the whole question yourself, which therefore saves you time and money.
Absolute cell referencing is when a cell referenced in a formula changes when it is copied to other cells.
What are two advantages of using ranges in a spreadsheet model?
There is less chance of an error if you use ranges, rather than highlighting individual cells
The ranges can be named so are easier to remember when writing a formula.
Using ranges is safer, because clicking on lots of individual cells could slow down your computer's performance and make you become tired.
Lots of ranges can be given the same identical name, so you can have lots of choice when it comes to choosing a range to include in a formula.
What are two advantages of storing data across multiple worksheets in the same workbook?
You can give access rights to certain worksheets, so only certain people could look at certain worksheets.
The different worksheets can be saved individually as a separate file, so you don't have to look at data within other worksheets if you don't need to.
The data can be organised into separate worksheets, but could still be used in formulas across the whole workbook.
Data that is not used often can be deleted entirely and never seen again, aiding with the organisation process.
Relative cell referencing is when a cell referenced in a formula changes when the formula is copied to other cells.
What could absolute cell referencing be used for in a financial spreadsheet model?
Changing price values of products
VAT Rate
Total sales
What are two advantages of using modelling software to create a model of the expansion of a building?
You can look at various layers and angles of the building, giving you a clear idea of what the building would look like in real life.
Allows 'what if?' questions to be used, so different scenarios can be tried to find the best one.
Software add-ons are free of charge so you can every possible feature within the modelling software to create the building model.
Variables can be used and can be changed to try different scenarios without rebuilding the model.
You can view the model of the building on many different electronic devices, allowing for easy editing on-the-go.
A variable is the name of a cell/the cell reference.
A function uses made up words to work/carry out a particular task.
What are four elements that could be tailored in a spreadsheet?
A menu bar, with a drop down menu which can have options added or removed.
Cells, which can be made secure with different access rights.
Icons, which can be added/removed/edited.
Buttons, to press/toggle and carry out commands.
Error messages, specific to the spreadsheet being used can be created to tell the user that they have done something wrong.
Screen resolution, which can be set to high so that the user can view the spreadsheet at a high quality with no obvious pixels.
Sound, which can be turned on and off when they user is carrying out a certain task.
What are two advantages of tailoring a spreadsheet?
You could make more money because the final product will look more professional so more people would want to use it.
The spreadsheet can be made more secure by the use of different access rights between worksheets.
The model can be personalised and made easy to used based on the company/person using it (e.g. use colours from the company's logo).
Novice users can use the new system, meaning that minimal training is required, saving costs
Spreadsheets would come under 'mathematical modelling'.
What are the four main characteristics used in modelling software?
Variables
Cells
Rules
Functions
IF Statements
Formulae
Ranges
Rules are a set of procedures that must be followed.
Which is larger: A worksheet or a workbook?
Worksheet
Workbook
Some cells in a spreadsheet may have the same name.
Which two of the following are examples ranges that could be found in a spreadsheet?
=C1*G8
=SUM(C1+G8)
C1:G8
Employee_Salaries
Which is used to represent a complex formula that uses reserved words?
Function
What are three disadvantages of using models to represent physical events?
Developing a complex model can take a lot of time to produce.
The equipment and software are expensive to purchase.
You have to be an expert and know lots of technical terms to be able to produce a successful model.
Simulations can't completely re-create real life situations.
You have to know all of the formulas and functions off by heart when creating the model.
Constants are values used in formulae which can be changed by the user.