notes on object anf inanical modelling, included is the advantages and disadvantages of object modelling

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object modelling

  • allow a virtual representation to be created
  • model is interactive: can be rotated, zoomed in and out, different layers can be seen
  • allows componants to change and see the overall effect of this on the model
  • only one model needs to be made: if a compnant is changed there's no need to build a new model each time somethings changed, unlike the real thing
  • can be sped up or slowed down
  • lots of testing needed to create a good model
  • expensive computer software may be needed to create a good model
  • things with lots of variables like human behaviour are hard to model
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finanical modelling

  • done with spreadsheets
  • easy layout in rows and colums so everything is logical
  • easy replication of formulas, functions and cell contents horizontally and vertically
  • functions create more complex formulas to work out more complicated formulas
  • used by different people in different locations due to email
  • can be backed up one or more computer
  • values can be turned into graphs so trends can be seen and a easy layout of data
  • perform 'what if' tasks. values can be changed by the user to see what effect it would have on the whole model
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