Analysis on Key Sources
Review: Model
Which model did you base yours on & What did you do to improve the given model?
I used Model 1, to work out the amount of profit or loss that would be generated.
I included a list of assumptions that would support my model. The model sheet is based on the maximum no of students attending.
You can change the price of the drop down list to see what happens if a different price is selected. This affects the overall profit/ loss.
The organiser can also change costs in the yellow shaded area.
[pic]
I created a sheet called Costs of running the event and linked the cells to the sheet named Model. This allowed me to create a chart to show clearly what venue costs.
I created another sheet called Analysis so that Organisers could see what happens when different amounts of tickets are sold for each venue.
I created a chart to show the no of tickets that ne3ed to be sold at £10 for the selected venue-The School Hall.
I formatted the cells showing profit or loss, black for profit and red if there was a loss. This will help the organiser clearly see this.
I also included instructions for the organiser to help them use the model i.e. drop down list, highlighted are where you can change costs.
Give some examples of what-if questions can be answered using your model.
What-if the organiser: ▪ selected different venues, what would happen to the profit/ loss and the no of tickets that would need to be sold. ▪ Selected different food/ drink quantities, how would this effect the costs of running the events ▪ Decided to increase the ticket price, how much profit could the organisers make.
The Model
Further improvements to the model
I would use linked cells in the future to ensure data is automatically updates.
I realised that the food had not been calculated correctly, as it was fixed at 180 people attending rather than the amount of tickets sold, I would like to fix this error.
Which model did you base yours on & What did you do to improve the given model?
I used Model 1, to work out the amount of profit or loss that would be generated.
I included a list of assumptions that would support my model. The model sheet is based on the maximum no of students attending.
You can change the price of the drop down list to see what happens if a different price is selected. This affects the overall profit/ loss.
The organiser can also change costs in the yellow shaded area.
[pic]
I created a sheet called Costs of running the event and linked the cells to the sheet named Model. This allowed me to create a chart to show clearly what venue costs.
I created another sheet called Analysis so that Organisers could see what happens when different amounts of tickets are sold for each venue.
I created a chart to show the no of tickets that ne3ed to be sold at £10 for the selected venue-The School Hall.
I formatted the cells showing profit or loss, black for profit and red if there was a loss. This will help the organiser clearly see this.
I also included instructions for the organiser to help them use the model i.e. drop down list, highlighted are where you can change costs.
Give some examples of what-if questions can be answered using your model.
What-if the organiser: ▪ selected different venues, what would happen to the profit/ loss and the no of tickets that would need to be sold. ▪ Selected different food/ drink quantities, how would this effect the costs of running the events ▪ Decided to increase the ticket price, how much profit could the organisers make.
The Model
Further improvements to the model
I would use linked cells in the future to ensure data is automatically updates.
I realised that the food had not been calculated correctly, as it was fixed at 180 people attending rather than the amount of tickets sold, I would like to fix this error.