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Unit 7 Modeliing and Simulation Programs

The document discusses using modeling and simulation programs to change variables and make predictions. An example is given of a cafe owner simulating a 7% wage increase for staff by adjusting variables in a financial model until a satisfactory prediction is made. Spreadsheets are also mentioned as a program that uses rows and columns to organize data and perform calculations.

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39 views2 pages

Unit 7 Modeliing and Simulation Programs

The document discusses using modeling and simulation programs to change variables and make predictions. An example is given of a cafe owner simulating a 7% wage increase for staff by adjusting variables in a financial model until a satisfactory prediction is made. Spreadsheets are also mentioned as a program that uses rows and columns to organize data and perform calculations.

Uploaded by

kvidiniotis99
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Unit 7: Using modelling and simulation programs

Data for model and simulation programs often has to be changed in order to make a variety
of predictions. For example, a business can try out different strategies by changing the
variables.
Variables to ensure accuracy

 Consider the case of a cafe owner who wants to observe the effect on the business
of a 7 percent wage increase for her staff. She can simulate the likely outcomes of
this strategy by using a financial model. If she is not comfortable with the initial
simulation results, the variables can be changed until a satisfactory prediction is
made. Adjusting the data in this way increases the likelihood that the model will
accurately represent the desired effect on her business.
Spreadsheets

 A spreadsheet is a program that uses rows and columns to organize, store and make
calculations from data. Spreadsheets have various uses in many different
environments. In business, spreadsheets can be used to present reports, make
financial predictions and create charts and graphs. A teacher or educator might use a
spreadsheet to compute grades, track student assignments or assign marks for
completed work. Spreadsheets make the calculation of this information very easy.

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