What is the purpose of a spreadsheet model and how can a spreadsheet model help the owners of the Terra Cotta Brew Coffee Shop make decisions about the renovation?
What will be an ideal response?
Spreadsheet models can serve multiple purposes. They can be used to describe a current situation such as past revenue, costs, and profits or they can be used to suggest what action to take. Prescriptive models offer methods to analyze the outcome of different scenarios by changing one or more variables. Two common analysis methods to use with prescriptive models are sensitivity analysis and scenario analysis. The owners of the Terra Cotta Brew Coffee Shop can use the spreadsheet model to evaluate various scenarios including a variety of growth rates, investment amounts, etc. in order to make a decision about the renovation.
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