Build Your First Model
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What’s Included
Introduction to Modeling
Introduction to Modeling
What is modelling, when do we use it and why is it so important? This short lesson will answer these questions and introduce our case study, Zippy Airways for this course
Framing the Problem
Framing the Problem
Framing the problem at the outset ensures that we won't solve the wrong problem or spend time on redundant work.
Diagram the Problem
Diagram the Problem
The first stage in building the model is drawing an influence diagram - which we will learn how to do in this lesson.
Influence Diagram for Zippy Airways
Influence Diagram for Zippy Airways
In this lesson, we will design and build the complete influence diagram for our Zippy Airways case study.
Lay Out a Model in Excel
Lay Out a Model in Excel
It's important to lay out your model in an organised and easy-to-read structure, particularly if sharing the model among a team
Building a Simplified Model
Building a Simplified Model
We start by building a simplified model for a single-flight - which will calculate additional profits for Zippy from some sample input data.
Sensitivity Analysis
Sensitivity Analysis
Sensitivity tables help you understand the impact that changing various input values can have on the final output - in our case additional profit per plane.
Prepare Your Dataset for Modeling
Prepare Your Dataset for Modeling
Before calculating variables from our raw dataset, let's first create named ranges for our columns and set up a new control panel for decision variables and outputs.
Estimating Market Demand
Estimating Market Demand
Estimating demand is a required task in almost all models. Here I show you one way of doing this for Zippy Airways, with some caveats attached.
Complex Model formulas
Complex Model formulas
Complex formulas often require additional auxiliary variables to be calculated beforehand. It can also help to draw them out on paper before going to Excel
Perform Checks on Model
Perform Checks on Model
Complex formulas should be audited and tested with different inputs to make sure they work correctly. In this lesson, I'll show you a couple of ways do this.
Calculate Model Outputs
Calculate Model Outputs
In this lesson, we complete the model-building process by calculating the outputs in our control panel.
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