Step-by-step approach to model development
Regardless of the complexity and intended use of a model, the same step-by-step methodology can be applied to its development.
By defining a clear and detailed model concept from the outset, potential challenges can be identified and addressed, and downstream builds of the model structure and functionality can be developed efficiently.
Model Concept: Define model structure, list of necessary inputs, types of results and data sources in detail to identify challenges early in the model development
User interface design: Develop professional, impactful design that ensures clear display of information and supports intuitive use of model functionality
Model worksheet structure: Develop model layout with an easy-to-follow worksheet flow, display of inputs and results, customised to the needs of the audience
Model calculation: Build calculations into the model to derive base case results for initial investigation
Functional model: Incorporate reliable functionality and enable sensitivity/scenario analyses to be run