Definition of modeling terms Essay Example | Topics and Well Written Essays - 500 words

Definition of modeling terms - Essay Example Spreadsheet engineering is the study of modeling that enables us to plan and develop more complex and detailed business models. The study also facilitates business communication especially performing modeling tasks and accounting statements in effective and efficient manner. Model formulation is to removing needless details and abstracting critical features of the real world. It is a development for making the actual situation understandable, easier and capturing a core objective of solving a real world problem. Decisions are to make up your mind for selecting a way forward keeping in view the possible alternatives. The decision can be taken on the number of items to buy/sell, quantity of items to be manufactured Problem Context is an activity of modeling that explains the fundamental causes and the current situation of the problem raised by the modeler. It should be structured considering the client’s view of the problem so that they can guide to a solution. Model structure is an activity of modeling in which a modeler builds a model by selecting/ inserting items, values and their relationship in the spreadsheets considering options of using model types, breaking the problem into sub-problems. Model assessment is an activity of modeling in which the developed models are evaluated to find out either they are viable, suitable and satisfactoriness keeping in view the problem of the client and objective of their