Reference no: EM132627605

Complete the narratives of what is involved in the following steps in creating a Model. Include practical examples.

Question a) Step 1: Define and Structure the Problem

Question b) Step 2: Define the Input and Output Variables of the Model

Question c) Step 3: Decide Who Will Use the Model and How Often

Question d) Step 4: Understand the Financial and Mathematical Aspects of the Model

Question e) Step 5: Design the Model

Question f) Step 6: Create the Spreadsheets or Write the VBA Codes

Question g) Step 7: Test the Model

Question h) Step 8: Protect the Model

Question i) Step 9: Document the Model

Question j) Step 10: Update the Model as Necessary