The document summarizes a presentation on optimizing Excel. It discusses common problems with spreadsheets like confusing formulas, unstructured layouts, and errors. It then introduces the FAST standard for building transparent, accurate Excel models. The standard advocates for clear formatting, labeling, and separating inputs from calculations. Finally, it discusses research on common spreadsheet errors and frauds enabled by weaknesses in spreadsheets.
2016 Australian Federal Budget OverviewHill Rogers
Hill Rogers' Director's Andrew Lam and Garvin Jones present a summary of the major announcements and changes in the 2016 Australian Federal Budget from a Taxation and Financial Reporting perspective.
2016 Australian Federal Budget OverviewHill Rogers
Hill Rogers' Director's Andrew Lam and Garvin Jones present a summary of the major announcements and changes in the 2016 Australian Federal Budget from a Taxation and Financial Reporting perspective.
Insights in Philanthropy Australia
Tax Efficient Giving and Bequeath Strategies
Digital Disruption – the impacts on NFPs
Common misunderstandings surrounding NFP
Reporting
Topical Legal Considerations for NFPs
Establishing Social Enterprise
State Tax Exemption for Charitable Institutions
A summary look at the effects the 2014 Australian Federal Budget may have on you and your businesses as well as the economy. Post Budget presentation by Hanrick Curran, Chartered Accountants in Brisbane Australia
Thanks to all who joined us at the Pre & Post Budget Update event. It was great to hear that Partners Jamie Towers and Clive Todd delivered concise and relevant Tax and Superannuation Budget summaries.
Superannuation Changes Post 2016 Australian Federal BudgetHill Rogers
Garvin Jones, Director – Superannuation & Business Solutions, Hill Rogers presents the key changes to the superannuation environment including:
- Changes to contribution limits
- Superannuation pension caps
- What to watch out for during the bring forward transitional period
- Tips on how to maximise contributions in 2016/17
Estate Planning: Preparing your Will and Nominating an ExecutorHill Rogers
An overview on Estate Planning - an important part of your financial plan:
- Passing your assets on
- Preparing your Will
- What happens when you don't have a Will
- Selecting an Executor
- Superannuation and life insurance
- Minimising potential claims to your Will
- Definition of Probate
Demystifying Aged Care Planning:
The Aged Care system is complex.
You don’t need to be an expert but you should have a broad understanding of the issues.
Seek professional advice before you are forced into making decisions that you may regret.
Better lifestyle and financial decisions are made when planning starts early.
Hanrick Curran is delighted to share with you the highlights from their Pre Financial Year End and Post Federal Budget Update Event. Our straight talking presenters explain how the Government will use the 2015 Federal Budget to address Australia’s growing budget challenge. They highlight key points of interest for business owners and professionals, then recap on the Pre Financial Year End initiatives that can be considered during the tax planning season
Not for Profit: Avoiding Fraud and Tax Concessions Hill Rogers
Hill Rogers Directors: Andrew Lam and Vishal Modi presentations from the CEO & Chair Symposium, Brisbane:
- How NFP organisations can Avoid Fraud
- Tax Concessions available for NFPs
1
ACC ACF 2400 – Semester 2, 2017
Individual Assignment 1:
Building a Business Dashboard
Overview
A business dashboard is ‘a style of reporting that depicts KPIs, operational or strategic information with
intuitive and interactive displays’ (Turban et al., 2015 p. 380). It is a single screen snapshot of how a
business, department, or process is performing. The design varies considerably from one application
to another, and even between businesses, but a common feature of a dashboard is that it uses graphs,
coloured text, and symbols to show the viewer, at a glance, the current status. A dashboard should
only contain information that actually influences performance. Many dashboards are interactive
because it can be difficult to show every important detail at once.
You are an employee at Australian Electronics Pty Ltd. You have been assigned the task of designing
a report that will be used by managers involved in purchasing, sales, and inventory management.
Your boss, Mary Smith, suggest including at least four (4) ratios. Regarding the ratios, Mary thinks
that Inventory Turnover and Sales Growth are a must.
This is an individual assignment. There is no fixed answer, so be creative!! The spreadsheet must
perform ratio analysis to show the current status of the inventory holdings and sales. Marks are
awarded according to how well the dashboard meets the requirements specified in the rubric.
A data set is supplied with this guide in Moodle (ACC ACF 2400_s2 2017_Inventory Statistics.xlsx). The
Inventory Statistics data set contains four sheets: sales value, sales quantity, the quantity of inventory
on hand, and the quantity purchased. You should use all sheets in your calculations, but may need to
restructure some data on a separate calculation sheet to ensure data is in the format you need.
Instructions on how to build a complex interactive scorecard have been published in different journals
such as the Journal of Accountancy
(http://www.journalofaccountancy.com/issues/2011/feb/20092427.html), but you do not have to
build such a complex system if your spreadsheeting skills are not well developed.
The table below contrasts two different approaches. The example on the left shows 7 ratios in a non-
interactive dashboard, with three graphs and one table of numbers. It is clearly not an inventory
management dashboard, but if the design features included were tailored to the inventory
management context, it would likely earn a pass (providing instructions, the input sheet, and the
calculations sheet are acceptable).
The example on the right, however, is from the Dashboard your Scorecard article. It is also not an
inventory management dashboard and does not show ratios, and so is not acceptable, but illustrates
elements that will earn higher marks:
• It is interactive (note the drop-down box in the bottom right graph to select the person shown);
• It uses conditional for ...
INF20015 Requirements Analysis & Modelling
pg. 1
Swinburne University of Technology
Swinburne College
INF20015 – Requirements Analysis and Modelling Assignment
TP 3, 2016
This is a group assignment with a maximum of 3-5 students per group
Part 1: Assessment Value = 10% (see blackboard for due date)
Part 2: Assessment Value = 15% (see blackboard for due date)
Based on the suggested report outline (see later):
Part 1: consists of submission of all aspects of the report up to and including
Process Descriptions.
Part 2: Requires the submission of the entire report with any corrections or
modifications as suggested by your tutor based on the assessment of Part 1. This
part also include object oriented analysis.
Assignment Submission
Parts 1 and 2 each require
Your group report (one copy per group) + A signed Time Contribution Statement
(TCS) (one copy per group which should be in appendix) via the Assignment link on
Blackboard > Assessment.
A Peer Assessment Form (individual) and submit it through the Peer Assessment
submission link on the Blackboard>Assessment>.
DO NOT email the assignment.
If you have any queries you may discuss it in the discussion threads or with your tutor. Any
technical problems, assistance can be obtained from the Swinburne Service Desk (03) 9214
5000.
The aim is that your team should produce a requirements document that describes the
problem to be solved and captures the requirements for an information system that
supports the needs of the given organization as described later in the Case Study
Description. Each student will individually consider possible models and suggestions to
make their recommendation to group report.
If you need clarification on any issues, either speak to your tutor (who will be marking
your assignment and act as a project leader) or ask your questions during lecture time.
INF20015 Requirements Analysis & Modelling
pg. 2
Suggested Report Outline
Assignment part 1:
Cover page
Document Title
Team members and contact details
List of contents1
Executive summary
Introduction
What is the organisation and what does this organisation do?
What is the business problem they are trying to solve OR/ AND what is the
opportunity that they can make use of?
Expected benefits
How would the organisation be better off by solving this problem or taking up this
opportunity?
Analysis of all major business processes using activity diagrams
Note: Each team member is required to draw at least 3 activity diagrams that you
have identified in below case scenario.
Dataflow diagrams and dictionary
Context Diagram (one diagram for the entire system)
Diagram 0 (one diagram for the entire system)
Level 1 Diagrams (each team member need to develop at least 2 level 1 diagrams)
Data Model (ER Diagram) – one ERD diagram for the entire system
.
ImportantSummary discussion of chapter not article or sectio.docxbradburgess22840
Important
Summary discussion of chapter not article or section
Due date today 6/30/15 in 8 hours or earlier
No plagiarism in own words
Will run through a plagiarism checker
Will not accept if after due date
Please cite and reference
References and citation page must include a valid URL to take the reader to the electronic copy of each source.
If cannot complete with the given instructions do not reply
Please contact me if you have questions
Write as a discussion of this part of the chapter with another student
Please post I found the material interesting, or what do you think
I may ask to change some areas at later date
Please title first followed by discussion
100 to 200 word count each, can be longer if needed
Please write clearly simplify
I am in the U.S.
No charts or graphs
Needs to be like a discussion in class or post
Make the minimum 10 post for discussion
The Tools of Quality
When we introduce a particular method of doing a job, it is natural to consider whether the method is appropriate or not. The decision is usually based on past results and experience, or perhaps on conventional methods. Procedures will be most effective if a proper evaluation is made, and on-the-job data are essential for making a proper evaluation.
KAORU ISHIKAWA, Quality Tools Inventor 1
1Ishikawa, K., “Guide to Quality Control,” Asia Productivity Organization, Tokyo, Japan, 1985.
Quality improvement in manufacturing or services, to be effective, should address the needs of the system as a whole. In this book we have attempted to address quality management from an integrative perspective. This perspective has encompassed the many functional areas of business, including supply chain management, marketing, accounting, human resources, operations, engineering, and strategy. None of these fields of endeavor operate in a vacuum. They are all interrelated and interdependent.
Improving the System
To be successful, a business or organization must balance the needs of these different functional areas around a coherent business vision and strategy. The objective of the system is to satisfy the customer. Customer satisfaction means higher customer retention, which leads to improved profitability.
A quality system (Figure 10-1) uses the business model with a focus on the customer and includes the dynamics of continual improvement, change, planning, and renewal. Continual improvement is necessary for a company to learn to grow. Companies that are unable to adapt find themselves with stagnant cultures and labor forces. Many managers, on discovering that their organization has reached this point, believe they must resort to draconian measures such as layoffs and organizational reengineering to achieve change. If they had pursued continual improvement and learning in the first place, they might not have reached this juncture.
Figure 10-1 Quality System Model
This quality system is not just a series of variables and relationships. It is an interconnect.
Financial Modeling is a valuation tool which teaches you to work with historical information of companies and analyze the company performance on relevant financial parameters. This analysis is then used to give you an estimate of the valuation of companies/projects.
Business Analytics Training Catalog - QueBIT Trusted Experts in Business Anal...QueBIT Consulting
Why use QueBIT for training? QueBIT aims to make it easy to help you find the right information. Our mission is to empower you with the training you need, so that you can apply analytic techniques with confidence. We want you to succeed and see the power in the data that is at your fingertips, so that you can make better informed decisions. QueBIT is a full-service operation, offering flexible training sessions to meet your busy schedules. Our training is presented by certified, expert, technical trainers.
QueBIT will support your training needs for all the IBM Business Analytics products: TM1, Business Intelligence, and SPSS. QueBIT Consulting, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
This Financial Modeling course comprises of four e-books which thoroughly covers every aspect of financial modeling in detail.For FREE access of rest of the 3 e-books and tons of other free resources visit the link https://www.educorporatebridge.com/freebies3.php
Insights in Philanthropy Australia
Tax Efficient Giving and Bequeath Strategies
Digital Disruption – the impacts on NFPs
Common misunderstandings surrounding NFP
Reporting
Topical Legal Considerations for NFPs
Establishing Social Enterprise
State Tax Exemption for Charitable Institutions
A summary look at the effects the 2014 Australian Federal Budget may have on you and your businesses as well as the economy. Post Budget presentation by Hanrick Curran, Chartered Accountants in Brisbane Australia
Thanks to all who joined us at the Pre & Post Budget Update event. It was great to hear that Partners Jamie Towers and Clive Todd delivered concise and relevant Tax and Superannuation Budget summaries.
Superannuation Changes Post 2016 Australian Federal BudgetHill Rogers
Garvin Jones, Director – Superannuation & Business Solutions, Hill Rogers presents the key changes to the superannuation environment including:
- Changes to contribution limits
- Superannuation pension caps
- What to watch out for during the bring forward transitional period
- Tips on how to maximise contributions in 2016/17
Estate Planning: Preparing your Will and Nominating an ExecutorHill Rogers
An overview on Estate Planning - an important part of your financial plan:
- Passing your assets on
- Preparing your Will
- What happens when you don't have a Will
- Selecting an Executor
- Superannuation and life insurance
- Minimising potential claims to your Will
- Definition of Probate
Demystifying Aged Care Planning:
The Aged Care system is complex.
You don’t need to be an expert but you should have a broad understanding of the issues.
Seek professional advice before you are forced into making decisions that you may regret.
Better lifestyle and financial decisions are made when planning starts early.
Hanrick Curran is delighted to share with you the highlights from their Pre Financial Year End and Post Federal Budget Update Event. Our straight talking presenters explain how the Government will use the 2015 Federal Budget to address Australia’s growing budget challenge. They highlight key points of interest for business owners and professionals, then recap on the Pre Financial Year End initiatives that can be considered during the tax planning season
Not for Profit: Avoiding Fraud and Tax Concessions Hill Rogers
Hill Rogers Directors: Andrew Lam and Vishal Modi presentations from the CEO & Chair Symposium, Brisbane:
- How NFP organisations can Avoid Fraud
- Tax Concessions available for NFPs
1
ACC ACF 2400 – Semester 2, 2017
Individual Assignment 1:
Building a Business Dashboard
Overview
A business dashboard is ‘a style of reporting that depicts KPIs, operational or strategic information with
intuitive and interactive displays’ (Turban et al., 2015 p. 380). It is a single screen snapshot of how a
business, department, or process is performing. The design varies considerably from one application
to another, and even between businesses, but a common feature of a dashboard is that it uses graphs,
coloured text, and symbols to show the viewer, at a glance, the current status. A dashboard should
only contain information that actually influences performance. Many dashboards are interactive
because it can be difficult to show every important detail at once.
You are an employee at Australian Electronics Pty Ltd. You have been assigned the task of designing
a report that will be used by managers involved in purchasing, sales, and inventory management.
Your boss, Mary Smith, suggest including at least four (4) ratios. Regarding the ratios, Mary thinks
that Inventory Turnover and Sales Growth are a must.
This is an individual assignment. There is no fixed answer, so be creative!! The spreadsheet must
perform ratio analysis to show the current status of the inventory holdings and sales. Marks are
awarded according to how well the dashboard meets the requirements specified in the rubric.
A data set is supplied with this guide in Moodle (ACC ACF 2400_s2 2017_Inventory Statistics.xlsx). The
Inventory Statistics data set contains four sheets: sales value, sales quantity, the quantity of inventory
on hand, and the quantity purchased. You should use all sheets in your calculations, but may need to
restructure some data on a separate calculation sheet to ensure data is in the format you need.
Instructions on how to build a complex interactive scorecard have been published in different journals
such as the Journal of Accountancy
(http://www.journalofaccountancy.com/issues/2011/feb/20092427.html), but you do not have to
build such a complex system if your spreadsheeting skills are not well developed.
The table below contrasts two different approaches. The example on the left shows 7 ratios in a non-
interactive dashboard, with three graphs and one table of numbers. It is clearly not an inventory
management dashboard, but if the design features included were tailored to the inventory
management context, it would likely earn a pass (providing instructions, the input sheet, and the
calculations sheet are acceptable).
The example on the right, however, is from the Dashboard your Scorecard article. It is also not an
inventory management dashboard and does not show ratios, and so is not acceptable, but illustrates
elements that will earn higher marks:
• It is interactive (note the drop-down box in the bottom right graph to select the person shown);
• It uses conditional for ...
INF20015 Requirements Analysis & Modelling
pg. 1
Swinburne University of Technology
Swinburne College
INF20015 – Requirements Analysis and Modelling Assignment
TP 3, 2016
This is a group assignment with a maximum of 3-5 students per group
Part 1: Assessment Value = 10% (see blackboard for due date)
Part 2: Assessment Value = 15% (see blackboard for due date)
Based on the suggested report outline (see later):
Part 1: consists of submission of all aspects of the report up to and including
Process Descriptions.
Part 2: Requires the submission of the entire report with any corrections or
modifications as suggested by your tutor based on the assessment of Part 1. This
part also include object oriented analysis.
Assignment Submission
Parts 1 and 2 each require
Your group report (one copy per group) + A signed Time Contribution Statement
(TCS) (one copy per group which should be in appendix) via the Assignment link on
Blackboard > Assessment.
A Peer Assessment Form (individual) and submit it through the Peer Assessment
submission link on the Blackboard>Assessment>.
DO NOT email the assignment.
If you have any queries you may discuss it in the discussion threads or with your tutor. Any
technical problems, assistance can be obtained from the Swinburne Service Desk (03) 9214
5000.
The aim is that your team should produce a requirements document that describes the
problem to be solved and captures the requirements for an information system that
supports the needs of the given organization as described later in the Case Study
Description. Each student will individually consider possible models and suggestions to
make their recommendation to group report.
If you need clarification on any issues, either speak to your tutor (who will be marking
your assignment and act as a project leader) or ask your questions during lecture time.
INF20015 Requirements Analysis & Modelling
pg. 2
Suggested Report Outline
Assignment part 1:
Cover page
Document Title
Team members and contact details
List of contents1
Executive summary
Introduction
What is the organisation and what does this organisation do?
What is the business problem they are trying to solve OR/ AND what is the
opportunity that they can make use of?
Expected benefits
How would the organisation be better off by solving this problem or taking up this
opportunity?
Analysis of all major business processes using activity diagrams
Note: Each team member is required to draw at least 3 activity diagrams that you
have identified in below case scenario.
Dataflow diagrams and dictionary
Context Diagram (one diagram for the entire system)
Diagram 0 (one diagram for the entire system)
Level 1 Diagrams (each team member need to develop at least 2 level 1 diagrams)
Data Model (ER Diagram) – one ERD diagram for the entire system
.
ImportantSummary discussion of chapter not article or sectio.docxbradburgess22840
Important
Summary discussion of chapter not article or section
Due date today 6/30/15 in 8 hours or earlier
No plagiarism in own words
Will run through a plagiarism checker
Will not accept if after due date
Please cite and reference
References and citation page must include a valid URL to take the reader to the electronic copy of each source.
If cannot complete with the given instructions do not reply
Please contact me if you have questions
Write as a discussion of this part of the chapter with another student
Please post I found the material interesting, or what do you think
I may ask to change some areas at later date
Please title first followed by discussion
100 to 200 word count each, can be longer if needed
Please write clearly simplify
I am in the U.S.
No charts or graphs
Needs to be like a discussion in class or post
Make the minimum 10 post for discussion
The Tools of Quality
When we introduce a particular method of doing a job, it is natural to consider whether the method is appropriate or not. The decision is usually based on past results and experience, or perhaps on conventional methods. Procedures will be most effective if a proper evaluation is made, and on-the-job data are essential for making a proper evaluation.
KAORU ISHIKAWA, Quality Tools Inventor 1
1Ishikawa, K., “Guide to Quality Control,” Asia Productivity Organization, Tokyo, Japan, 1985.
Quality improvement in manufacturing or services, to be effective, should address the needs of the system as a whole. In this book we have attempted to address quality management from an integrative perspective. This perspective has encompassed the many functional areas of business, including supply chain management, marketing, accounting, human resources, operations, engineering, and strategy. None of these fields of endeavor operate in a vacuum. They are all interrelated and interdependent.
Improving the System
To be successful, a business or organization must balance the needs of these different functional areas around a coherent business vision and strategy. The objective of the system is to satisfy the customer. Customer satisfaction means higher customer retention, which leads to improved profitability.
A quality system (Figure 10-1) uses the business model with a focus on the customer and includes the dynamics of continual improvement, change, planning, and renewal. Continual improvement is necessary for a company to learn to grow. Companies that are unable to adapt find themselves with stagnant cultures and labor forces. Many managers, on discovering that their organization has reached this point, believe they must resort to draconian measures such as layoffs and organizational reengineering to achieve change. If they had pursued continual improvement and learning in the first place, they might not have reached this juncture.
Figure 10-1 Quality System Model
This quality system is not just a series of variables and relationships. It is an interconnect.
Financial Modeling is a valuation tool which teaches you to work with historical information of companies and analyze the company performance on relevant financial parameters. This analysis is then used to give you an estimate of the valuation of companies/projects.
Business Analytics Training Catalog - QueBIT Trusted Experts in Business Anal...QueBIT Consulting
Why use QueBIT for training? QueBIT aims to make it easy to help you find the right information. Our mission is to empower you with the training you need, so that you can apply analytic techniques with confidence. We want you to succeed and see the power in the data that is at your fingertips, so that you can make better informed decisions. QueBIT is a full-service operation, offering flexible training sessions to meet your busy schedules. Our training is presented by certified, expert, technical trainers.
QueBIT will support your training needs for all the IBM Business Analytics products: TM1, Business Intelligence, and SPSS. QueBIT Consulting, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
This Financial Modeling course comprises of four e-books which thoroughly covers every aspect of financial modeling in detail.For FREE access of rest of the 3 e-books and tons of other free resources visit the link https://www.educorporatebridge.com/freebies3.php
Automation Hub Best practices - using right KPIs to build a strong business c...Cristina Vidu
Wondering how to prioritize the most impactful ideas to increase your program’s ROI? Learn how to customize the assessments to:
Collect the right information from your business users
Compute the right KPIs relevant for the decision-making process
Accurately prioritize the automation opportunities pipeline
Confidently report to your stakeholders based on transparent and relevant evaluation
Target audience: CoE leads, Business Analysts, Business Process Owners
👩💻 Speaker: Teodora Hiritiu, Senior Product Manager - Automation Hub @UiPath
Watch Automation Hub Best Practices Session 2: Large scale roll-outs:
https://youtu.be/QH1XGH6aJOY
IT 210 Milestone One Guidelines and Rubric Overview ThTatianaMajor22
IT 210 Milestone One Guidelines and Rubric
Overview: This assignment is the first milestone that you will complete for your final project. In this milestone, you will address the following:
You will begin drafting parts of your final project, focusing on your business requirements, competitors, and technology.
This assignment is an important practice opportunity for you to create a draft, and to get feedback from your instructor to improve your final draft.
The rubric reflects that this is a practice opportunity. You should focus on getting the necessary information into your draft. No draft is perfect.
This milestone aligns with sections I, II, and III of your final project. Use the questions in the critical elements as a guide.
Use the Final Project Template document for your work. This template will be used for the Milestones and the Final Project.
o Using the template will ensure you do not miss any items you need to address. The critical elements are highlighted in yellow in the template.
The decision matrix is not required for this milestone; however, you will be submitting the decision matrix in Milestone Two. Use the template provided
to help narrow your technology recommendation.
Prompt: Imagine that you work for the small brick-and-mortar business described in the final project case scenario. The owner of your business wants to focus
on generating new revenue through e-commerce, but she knows that this change in operations requires the company to integrate new technology. To gain an
understanding of what the business might need for technology, she has asked you to create a business systems analysis. In this analysis, you will clearly
introduce the problem that your business is facing. Then, you will determine the business requirements for solving that problem, including the requirements
that any new technology needs to meet.
Your goal in the final project is to establish an e-commerce presence, but you must improve the current technology first. Use the Decision Matrix document as
you conduct your research for assistance organizing your thoughts. (You will submit the completed decision matrix in Milestone Two.) For additional resources
on developing the decision matrix, refer to:
Decision Matrix: What It Is and How to Use It: This article defines the decision matrix and discusses how leaders evaluate and prioritize all of their
options when considering solutions to a difficult task.
Decision Matrix Analysis: This article explains how to use a decision matrix analysis, a useful technique for making a choice when many factors must be
balanced. Captioned version of this resource can be found here.
Decision Matrix Example: Use this resource to view an example of a completed decision matrix.
http://snhu-media.snhu.edu/files/course_repository/undergraduate/it/it210/it210_final_project_case_scenario.pdf
http://snhu-media.snhu.edu/files/course_repository/undergraduate/it/ ...
Why PMs Need Financial Modeling by Dassault Systèmes PMProduct School
Main takeaways:
- The use, and misuse, of modeling
- Creating a financial model for your product
- Testing out various scenarios - costs, prices, distribution channels etc
Criterion 1A - 4 - MasteryCalculated the correct answers for theCruzIbarra161
Criterion 1
A - 4 - Mastery
Calculated the correct answers for the Net Present Value, Internal Rate of Return, and Payback period for each option.Criterion 2
A - 4 - Mastery
Created a comprehensive summary of the calculated results from the financial analysis.Criterion 3
A - 4 - Mastery
Correctly identified all of the key operational and strategic points for each option; provided details for each point.Criterion 4
A - 4 - Mastery
Listed each of the project options by the correct ranking, and provided a detailed justification of which financial metrics and non-financial data were prioritized for ranking the three options.Criterion 5
A - 4 - Mastery
Provided an extensive Excel spreadsheet that includes the answers for the Net Present Value, Internal Rate of Return, and Payback period for each option; Also submitted a PowerPoint for Part 2 of the assignment.
Of great concern: It was found that there are major similarities of parts of your paper to that of a former student. Note the following, which is a screenshot from the other student's submission. An explanation of SWOT was not even necessary – but the fact that copied content was included in the submission is a breach of academic ethics.
This time it is a point penalty, but please make sure you do not access other student work to do your own – this could be a Code of Conduct issue and ultimately prevent graduation from the program if you continue the practice.
Requirement
Comments
Points possible
Points earned
A Systems Analysis Career
· One of your sources was to be the Bureau of Labor or the O*Net site and the other was to be an actual job advertisement. The job ad is missing.
· Duties and requirements to get the job are explained without quoting from the sources, and the length met requirements.
30
21
Business Hierarchies
· Good job with Functional and Matrix business structures.
· Your sources were suitable, there was no quoting, and the length met requirements.
25
25
SWOT Analysis
· The SWOT lists were rather good; there is indeed competition from others and the opportunity to market using technology (social media and website in particular) is valid. That being said, the large portion of this part containing plagiarism means that only some points can be given.
25
8.5
Citation and Reference Entries
· See below – you have a good start but there are still quite a few errors.
10
7
Writing, Organization, and Formatting
· Thanks for using subheadings. Keep working on "deductive" organization of paragraphs – state the purpose immediately and then give details.
· The document had APA formatting errors:
· The title (in all caps) and the page number are missing from the header
· In the middle of the title page, there must be a blank line between the title and your name. If you include "Instructor name," use the name rather than leaving it blank (it is okay just to have title, blank line, your name, university name).
· Make sure you have not accidentally hit the enter key in the middle o ...
ImpactECS and SAP for Manufacturing eBook3C Software
For manufacturing companies, the ability to calculate and analyze the cost of the products you build and sell is the key to understanding your company's profitability. Learn how we help companies leverage the information they have in SAP to build accurate and detailed cost and profitability models that expose true profits.
Similar to Tips and Tricks for Optimising Excel (20)
On 28 August 2018, Hanrick Curran Director, Angela Winton and Partner, Stephen Brake presented at the Hills and District Chamber of Commerce on SME Insights.
The presentation covered emerging trends, opinions and concerns faced by business owners as highlighted in the SME Research Report for 2017/18. Attendees gained insights around how fellow SME’s are surviving and thriving in the current business climate.
Trust account audits can seem daunting, but you can pass with flying colours. Ace your next trust account audit and identify business efficiencies by getting to know what is needed for a busy recording team.
Presenter Matthew Green delivered this presentation on 23 May 2018 to the REIQ.
Our straight talking presenters cut through the complexity to deliver relevant Tax and Superannuation insights contained in the 2018 Federal Budget. In addition, our presenters recap on the Pre Financial Year End initiatives that can be considered during the tax planning season.
Dealing with Chinese Investors can be challenging. In this presentation Vincent Shi, Partner at Hanrick Curran, shares his perspective on successfully working in the asian market space.
Our presenters cut through the complexity to deliver relevant Tax and Superannuation insights contained in the 2017 Federal Budget. They also recap on the Pre Financial Year End initiatives that can be considered during the tax planning season.
Jamie Towers, Partner of our Tax Division analyses the taxation and business impacts of the budget to deliver you the most relevant tax insights for business owners and individuals. There will also be a strong tax planning flavour to help you prepare for June 30.
Clive Todd, Partner of our Superannuation Division recaps on key changes made within the Superannuation environment affecting superfund members and employers with Superannuation Guarantee Contribution (SGC) obligations, giving you clarity for the year ahead
Congratulations to Hourn & Bishop Qld on commencing their transition to the next generation. Hanrick Curran were delighted to provide advice on this important business decision.
As with all things that become fashionable more people are taking the next step from having an idea to pursuing a business start-up. The positive side of this is that there is a flood of new ideas which could lead to successful innovative businesses that solve a consumer need. However, before investing precious time and capital into the next great idea
we should put some rigour around selecting the one that
has a best chance of being successful.
Please view the keynote presentation and notes from the Australian PNG Business Forum 2016 Meeting on the topic of Planning and Registering your Business in PNG.
GMRF’s 10 year anniversary annual report showcases their incredible achievements and advancements in research to enhance the health of the Australian community. Hanrick Curran is proud to support of GMRF and the milestones reached in the last decade.
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A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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Kyiv PMDay 2024 Summer
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
3. 3experience. new thinking
Today’s agenda
Learning’s from implementing FAST at
Wilmar with Gerard Cooney
Common problems seen in practice with
Matthew Green
Spreadsheet Detective and its review
abilities with Anthony Berglas
5. 5experience. new thinkingexperience. new thinking 5
A review of the implementation of the
FAST modelling standard at Wilmar
Sugar – Gerard Cooney
(fomerly Sucrogen and CSR Sugar)
Implementing FAST
6. 6experience. new thinking
The Problem
Excel is ubiquitous in business
User friendly
Very flexible
These attractive attributes cause problems:
Everyone thinks they can use excel
effectively
Models structured using the idiosyncrasies of
the user
The result is often a mess
7. 7experience. new thinking
Key Problems
Every model is structured differently
Difficult to review and audit
Prone to errors
Difficult to modify
Difficult to understand
8. 8experience. new thinking
1.4 metre long formula
=IF(AND($N97<>1,$O97<>1),$F97*$I97*IF(AND(HeavyVehInd=2,X
$4>=RoadStartYr),(1-$L97),(1-$K97))*(1-INDEX
(X$5:X$7,MATCH($Q97,$Q$5:$Q$7,0))),
IF(AND($N97=1,$O97=1),IF(OR(BiomassInd=1,AgInd=1),0,IF(X$4>
=MAX(BiomassStartYr,AgStartYr),
$F97*$I97*IF(AND(HeavyVehInd=2,X$4>=RoadStartYr),
(1-$L97),(1-$K97))*(1-
INDEX(X$5:X$7,MATCH($Q97,$Q$5:$Q$7,0))),0)),
IF($N97=1,IF(BiomassInd=1,0,IF(X$4>=BiomassStartYr,$F97*$I97*I
F(AND(HeavyVehInd=2,X$4>=RoadStartYr),(1-$L97),(1-$K97))*(1-
INDEX(X$5:X$7,
MATCH($Q97,$Q$5:$Q$7,0))),0)),IF($O97=1,IF(AgInd=1,0,IF(X$4>
=AgStartYr,$F97*$I97*IF(AND(HeavyVehInd=2,X$4>=RoadStartYr),(
1-$L97),(1-$K97))*(1-
INDEX(X$5:X$7,MATCH($Q97,$Q$5:$Q$7,0))),0))))))
9. 9experience. new thinking
THE FAST STANDARD
What does it stand for?
Flexible
Accurate
Structured
Transparent
http://www.fast-
standard.org/
10. 10experience. new thinking
FLEXIBLE
Design and modelling techniques must allow
models to be both flexible in the immediate
term and adaptable in the longer term.
Flexibility is born of simplicity.
12. 12experience. new thinking
STRUCTURED
Rigorous consistency in model layout and
organization is essential to retain a model’s
logical integrity over time, particularly as a
model’s author may change.
13. 13experience. new thinking
TRANSPARENT
Simple, clear formulas that can be
understood by other modellers and non-
modellers alike. Confidence in a financial
model’s integrity can only be assured with
clarity of logic structure and layout.
14. 14experience. new thinking
Key Attributes of FAST model
Use of calculation blocks where the calculation ingredients are shown explicitly
and appear directly above the calculation
Calculation ingredients link directly to the source (either input data or
precedent calculation block). There is no daisy changing of links.
Link labels and units as well as numbers, and enter only once
Use of timing flags
Also:
Use of short formulae
Constants only entered once.
Parameters only calculated once.
Consistent formulae across a row.
Consistent use of columns within a sheet
All inputs are collected on input-only sheets and colour coded to show explicitly
Formatting consistency
Diligent use of units
Separate calculation engine from presentation output.
15. 15experience. new thinking
Key Attributes of FAST model
Use of calculation blocks where the
calculation ingredients are shown explicitly
and appear directly above the calculation
Calculation ingredients link directly to the
source (either input data or precedent
calculation block). There is no daisy
changing of links.
Link labels and units as well as numbers,
and enter only once
Use of timing flags
16. 16experience. new thinking
Secondary Attributes of FAST model
Use of short formulae
Constants only entered once.
Parameters only calculated once.
Consistent formulae across a row.
Consistent use of columns within a sheet
All inputs are collected on input-only sheets
and colour coded to show explicitly
Formatting consistency
Diligent use of units
Separate calculation engine from presentation
output.
17. 17experience. new thinking
Excel example
REVENUE
USING A TYPICAL APPROACH
Sugar Revenue 5,870 $
Molasses Revenue 120 $
Total Revenue 5,990 $
18. 18experience. new thinking
Common Complaints
Doesn’t a standard approach stifle creativity
It takes too long to model using the FAST
Standard
20. 20experience. new thinkingexperience. new thinking 20
Understanding the common issues
we see with Excel™ spreadsheets,
some conceptual insight into how
errors occur and some suggestions
on how to prevent them…
Matthew Green
Common issues with Excel™
spreadsheets and models
21. 21experience. new thinking
My agenda
How prevalent is Excel™
Common problems
Error research
The need for graphical presentation of data
7 steps to review your spreadsheets
Practical learning's and takeaways
22. 22experience. new thinking
Typical balance sheet
Excel used in the following key areas
and calculations:
Account reconciliations
Other asset listings and
amortisation
Fixed asset registers and
depreciation
Deferred and current tax
Intangible asset reconciliations
Impairment models
Debt covenants
Interest accruals
Employee benefits
Derivative reconciliations and to
cross check bank valuations
Spreadsheets for transactional
reports with Pivot tables for
further analysis
Consolidation schedules
23. 23experience. new thinkingexperience. new thinking 23
"I suppose it is tempting, if the
only tool you have is a hammer, to
treat everything as if it were a
nail."
Abraham Maslow, 1966
24. 24experience. new thinking
Excel & Accountants …
“like giving your kid a chainsaw, powerful tool, but
does he really understand what he’s got in his hands
and how to use it?” You have to ask yourself: “Is this
going to end well?” (And “No, he’s not getting one for Christmas!”)
25. 25experience. new thinking
How many problems really exist?
“In our experience, most spreadsheets are
poorly developed. This is probably because
there isn’t much formal training on how to
build a spreadsheet and people don’t have
time to build them so that they are optimised
for their purpose and to support decision
making.”
Want to see some examples?
26. 26experience. new thinking
Common problems
Confusing, complicated formula
Unstructured layout
Formula & Function errors
Range & Pointing errors
Hard coding
Remote references
Empty precedents
27. 27experience. new thinking
Confusing and complicated formula
A real life discussion thread in an Excel™
specialist LinkedIn group.
Why would anyone want to nest more than
1 “If” statement, let alone 8?
Can you imaging how hard it would be to
unravel an error in these “If” statements?
28. 28experience. new thinking
Inconsistent build
Sundry income inconsistently treated in six operating
sites in budget file taken from board papers.
In some sites, sundry income was included in total
revenue and gross profit.
In other sites, sundry income is excluded from both, but
is factored into net profit.
Site analysis based on GP would favour those with the
sundry income in their GP.
This error would not have been apparent to directors in
their decision making.
Source: corporate transaction, target budget file
29. 29experience. new thinking
Inconsistent build
Budget model for 6
operating sites in board
papers.
Site A calculated direct
wages % based on net
metered win.
Site B calculated direct
wages % based on gross
profit.
Not a big difference, but
makes comparison
across sites difficult.
Why is there a business
reason for the two sites
to have different basis of
calculation
Site A
Site B
Source: corporate transaction, target budget file
30. 30experience. new thinking
Hard coding and format
Common example of a
quickly built spreadsheet.
Note the hard coded
information buried in
formula, in this case the
CPI increase rate for the
leases.
Note the inconsistent
number formatting, doesn’t
help the reader with
assessing information.
Whilst the outcome is
quantitatively accurate, the
poor design makes in hard
to review and leaves the
worksheet prone to error.
Lease commitments:
No later than 1 year
Office premises to 14 October 2018
annual rent 100000
Monthly Rent to 31 October 14 8333.333 83333.3333
annual rent after 1st increase 103000
Mothly rent to 31 December 14 8583.333 17166.6667
100,500.00
1 year to 5 years
Year 2 2015
Monthly rent to October 15 8583.333 85833.3333
annual rent after 2nd increase 106090
Mothly rent to 31 December 14 8840.833 17681.6667
Total rent yr 1 103,515.00
Source: Hanrick Curran audit file
31. 31experience. new thinking
Hard coding
Commonly seen on ad hoc spreadsheets.
Typically involves a formula like:
= C5 * (A36 + 1.03) – 408 + 12
The reviewer can usually decipher that the 1.03 is
probably CPI, but what about the other
adjustments.
A better way is to put the CPI number in its own
cell as an input.
Hard coded adjustments should also be avoided. If
needed, build data entry cells for adjustments.
Example of problem use of hard coding
Source: Hanrick Curran client board reporting file
32. 32experience. new thinking
Remote references
A “remote reference” is a reference in a formula to cells that
are remote from the worksheet the formula is on, either to
another worksheet in the same file or to a different file.
Remote references are difficult to review and prone to errors.
We recommend they be avoided by using a ‘links sheet’ in a
workbook for all ‘cross-file links’.
Formula within a workbook should also avoid remote
references by gathering all needed data and then using the
formula
Source: Hanrick Curran client board reporting file
Source: Hanrick Curran client board reporting file
Example of problem use of remote references
Example of corrected approach to use of remote references
33. 33experience. new thinking
How big can the errors get?
In January 2010, academics
Carmen Reinhart and Kenneth
Rogoff published “Growth in a
Time of Debt”.
Their report was widely cited by
politicians as theoretical and
research based support for
reducing public debt and public
spending.
Later analysis reveals errors with
the underlying spreadsheet
analysis; countries are excluded
from the average because of a
‘range error’.
Great Brittan slashes spending by
£10 billion, in response to the
research and increase in debt
following in the GFC.
Source: Quartz website, http://qz.com/75119
Pasted from <http://qz.com/75119/how-to-avoid-making-
an-excel-mistake-like-rogoff-and-reinhart/>
35. 35experience. new thinking
Allied Irish Bank – US$691 m. Fraud
AIB is one of the Irish big 4 commercial banks,
parent of Allfirst Bank, based in Baltimore,
Maryland, US.
John Rusnak, committed a US$691 million
currency trading fraud.
Rather than pay $10,000 fee for a Reuters feed
to the treasury compliance team (back office)
the data feed to the VaR calculation was based
on data from Rusnak’s computer.
The data was loaded into a spreadsheet which
Rusnak manipulated to ensure that trading
losses were otherwise hidden from the VaR
assessment.
Source: AIB p.l.c. SEC filing, March 12, 2002
Source: R. Butler, “The role of Spreadsheets in the Allied Irish Bank / Allfirst Currency Trading Fraud” (2009)
VaR = Value-at-Risk
36. 36experience. new thinking
Allied Irish Bank – US$691 m. Fraud
AIB SEC Filing: “A simple check to see if the
holdover figures were captured in the next
day's trading activity would have caught
this scheme.”
At least two points of failure:
1. Data in spreadsheets was open to
manipulation
2. Compensating controls were not
strong enough to detect the
manipulation
Source: AIB p.l.c. SEC filing, March 12, 2002
Source: Hanrick Curran research
37. 37experience. new thinking
Enabling Fraud
In summary, the inclusion of a spreadsheet in a reporting
chain enabled hiding of fraud, especially without adequate
compensating detective controls and reconciliations.
A similar fraud occurred in a Brisbane company between 2011
and 2013, resulting in a $2.4 million loss to the company,
related to overstatement of inventory balances (16% of PY
reported inventory).
Source: Hanrick Curran research
Data
spreadsheet
Reporting
Missing control checks and reconciliations
38. 38experience. new thinkingexperience. new thinking 38
Raymond Panko, University of
Hawaii, has undertaken significant
research into spreadsheet errors.
Panko’s research informs the
classification of errors in
spreadsheets.
Error taxonomy and research
39. 39experience. new thinking
Error research
There is a significant amount of research into
human error from fields as diverse as
mathematics, programming, aircraft accidents,
nuclear incidents, proofreading and linguistics.
A key insight from these fields is that
“human cognitive processes produce the
correct result nearly all the time but have a
small inherent error rate that stems from the
same processes that produce correct results.
In other words, the way we actually think …
is the heart of the problem, not simple
sloppiness.”
Source: Raymond Panko and Salvatore Aurigemma
“Revising the Panko-Halverson Taxonomy of Spreadsheet
Errors” (February 2010) p.4
40. 40experience. new thinking
Mistakes, Slips and Lapses
When working with spreadsheets, errors can be
categorised as follows (Reason, 1990):
Mistake – an error in planning
Slip – an error during a sensory-motor action, such
as typing the wrong number in a cell (e.g.,
$120,000 instead of $210,000)
Lapse – a failure in memory, usually caused by
overloading the limited human memory capacity
In terms of error detection, planning and memory
errors that occur ‘off spreadsheet’ leave little if any
evidence for error detection.
Source: Raymond Panko and Salvatore Aurigemma
“Revising the Panko-Halverson Taxonomy of Spreadsheet
Errors” (February 2010) p.5
41. 41experience. new thinking
Error frequency
Research from Allwood used students solving a mathematical
problem. Error rates identified included:
327 errors as they worked
60% of errors were execution errors (slips and lapses)
83% of execution errors were spontaneously identified
and corrected during work – the result, execution errors
only accounted for 29% of final errors
Logic errors (mistakes) accounted for only 25% of
errors, but low detection rates resulted in these
mistakes contributing to 40% of final errors.
Skip errors (missing a part of the solution) accounted
for only 9% of all errors made, but a nil detection rate
meant they contributed to 29% of final errors.
In short: “We don’t see what we don’t see”
Source: Raymond Panko and Salvatore Aurigemma
“Revising the Panko-Halverson Taxonomy of Spreadsheet
Errors” (February 2010) p.6
29%
40%
29%
42. 42experience. new thinking
Qualitative error impacts
When considering errors, we need to assess their
impact on the final result. Panko suggests two
approaches:
1. Error magnitude – how big is the error
compared to the final correct bottom-line
number
2. Would a different decision be taken based on
correct versus incorrect results.
Panko and Halverson conclude that “most errors
are either too small to be important or still give
answers that lead to the correct decisions”.
Source: Raymond Panko and Salvatore Aurigemma
“Revising the Panko-Halverson Taxonomy of Spreadsheet
Errors” (February 2010) p.8
43. 43experience. new thinking
Panko & Halverson error taxonomy
A revised error taxonomy is described by
Panko and Halverson.
Source: Raymond Panko and Salvatore Aurigemma
“Revising the Panko-Halverson Taxonomy of Spreadsheet
Errors” (February 2010) p.25
44. 44experience. new thinking
Panko & Halverson error taxonomy
A revised error taxonomy is described by Panko
and Halverson.
Domain type errors (e.g., misunderstanding
requirements or not correctly reflecting
business requirements) are the most likely
error to remain undetected and to result in an
undetected error in the spreadsheet.
Execution errors (e.g., incorrect formula
references) are most likely to be corrected
during spreadsheet development and review,
but can also leave undetected errors in
spreadsheets (e.g., Reinhart & Rogoff).
Source: Raymond Panko and Salvatore Aurigemma
“Revising the Panko-Halverson Taxonomy of Spreadsheet
Errors” (February 2010) p.25
45. 45experience. new thinkingexperience. new thinking 45
Graphing outputs of spreadsheets
is important. Some examples of
why follow…
A segue into the graphic display
of information
46. 46experience. new thinking
Anscombe’s Quartet
Four data sets with
similar characteristics
X average = 9.0
Y average = 7.5
X sum = 99.0
Y sum = 82.5
x y x y x y x y
10.00 8.04 10.00 9.14 10.00 7.46 8.00 6.58
8.00 6.95 8.00 8.14 8.00 6.77 8.00 5.76
13.00 7.58 13.00 8.74 13.00 12.74 8.00 7.71
9.00 8.81 9.00 8.77 9.00 7.11 8.00 8.84
11.00 8.33 11.00 9.26 11.00 7.81 8.00 8.47
14.00 9.96 14.00 8.10 14.00 8.84 8.00 7.04
6.00 7.24 6.00 6.13 6.00 6.08 8.00 5.25
4.00 4.26 4.00 3.10 4.00 5.39 19.00 12.50
12.00 10.84 12.00 9.13 12.00 8.15 8.00 5.56
7.00 4.82 7.00 7.26 7.00 6.42 8.00 7.91
5.00 5.68 5.00 4.74 5.00 5.73 8.00 6.89
sum
99.0 82.5 99.0 82.5 99.0 82.5 99.0 82.5
Average
9.0 7.5 9.0 7.5 9.0 7.5 9.0 7.5
I II III IV
Source: Wikipedia
47. 47experience. new thinking
Anscombe’s Quartet
-
2.00
4.00
6.00
8.00
10.00
12.00
- 5.00 10.00 15.00
Series I
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
- 5.00 10.00 15.00
Series II
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
- 5.00 10.00 15.00
Series III
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
- 5.00 10.00 15.00 20.00
Series IV
48. 48experience. new thinking
A common audit test
A common audit test is to graph revenue, looking for
spikes, trends and seasonality.
In these examples, two audit clients, displaying
seasonality in accordance with underlying business
model.
One factor we look for is a year-end spike.
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Letting fees
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Management Fees
Source: Hanrick Curran audit file
49. 49experience. new thinking
Discontinuity
Other common issues
include
discontinuities such
as spikes, slope
changes and steps.
Graphing outputs can
also help with
identifying spikes
from data entry or
formula errors.
Source: F1F9, 31 day on-line learning
50. 50experience. new thinking
Stephen Few, Perceptual Edge
Stephen Few’s work on visual communication is well
worth investigating as part of developing your team’s
use of excel.
Typically a board paper might include a table such as
exhibit A. The problem with this is that the data does
not provide the reader with any insight into the data.
Using Excel’s graphs, providing a visual presentation of
the graph allows insights (see next slide).
Sales ($'000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Domestic 1,893 2,343 2,593 2,283 2,574 2,838 2,382 2,634 2,938 2,739 2,983 3,493
International 574 636 673 593 644 679 593 139 599 583 602 690
2,467 2,979 3,266 2,876 3,218 3,517 2,975 2,773 3,537 3,322 3,585 4,183
Exhibit A: Sales data table
Source: Stephen Few “Visual Communication” IBM
Whitepaper, April 2009 (p. 2)
51. 51experience. new thinking
Stephen Few, Perceptual Edge
From the data at right for a typical sales graph,
we can observe:
Domesitc sales trend upwards across the
year
International sales are relatively flat across
the year
An exception in international sales is noted
in August
There is a cyclical pattern in domestic sales,
being lowest in the first month of the
quarter and then growing through the
quarter
From the graph, we might infer:
Sales staff may be going light in the first
month of the quarter and start working
harder as the quarter progresses in order to
meet their quarterly targets.
Perhaps there is an element of ‘channel
stuffing’ happening at the end of the
quarter.
Why the year-end spike?
Using Excel’s full potential enables this analysis. -
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan Mar May Jul Sep Nov
Domestic International
Source: Stephen Few “Visual Communication” IBM
Whitepaper, April 2009 (p. 2)
52. 52experience. new thinkingexperience. new thinking 52
All is not lost, here is a 7 step
process to review your
spreadsheets.
7 steps to assure your
spreadsheets
53. 53experience. new thinking
7 steps to spreadsheet assurance
Control environment
Model design
Inputs and assumptions
Formula design and calculations
Output assessment
Change and version control
Reporting
54. 54experience. new thinking
Control environment
Review what spreadsheets exist and how
they are controlled and developed
Review access and security arrangements
for spreadsheets
Consider risk assessment for in-use
spreadsheets
55. 55experience. new thinking
Model design
Consider overall design and implementation
of spreadsheets
Consider domain related information
needed to understand model designs (e.g.,
are experts required such as geologists)
Consider periodicity and format consistency
56. 56experience. new thinking
Inputs and assumptions
Review inputs and assumptions, consider
approval requirements for assumptions
included in spreadsheets
Consider inputs for data-entry errors
See: ASIC v MacDonald (No 11) [2009] NSWSC 287
(James Hardy case)
Do key assumptions need board level approval?
57. 57experience. new thinking
Formula design and calculation
Check formula for calculation consistency and
accuracy
Examine model for potential errors including:
hard coding, reference failures
How long can this take?
Hanrick Curran were recently asked to review a
transaction model with 1,173 unique formula and
50,028 total formula.
At 1 minute per unique formula, that equates to
19.5 hours of review time or 2.6 days of just
looking at formula. And this doesn’t even allow
time to consider domain errors.
58. 58experience. new thinking
Output assessment
Review model outputs for consistency
Consider information accuracy
Does the model promote effective decision
making
59. 59experience. new thinking
Change and version control
Consider change controls implemented over the
reviewed spreadsheet, including password
protection
Consider version controls implemented over the
model and to whom ownership of the
spreadsheet is delegated
Tip: use a descriptive file name that includes information
regarding status and version or date of the spreadsheet.
Tip: put dates in YYYYMMDD order to enable auto-sorting
Example: “division budget review (v2.3)(DRAFT).xlsx”
Example: “20140612”
61. 61experience. new thinkingexperience. new thinking 61
Some suggestions on how to
implement some key lessons from
todays topics…
A brief summary and some
practical solutions
62. 62experience. new thinking
In summary
Errors will happen, if you plan well, their
impact can be minimised.
Most errors are not material, but do you
want to be the example that proves the
rule?
Most errors are not actually on/in the
spreadsheet.
63. 63experience. new thinking
Practical solutions (I)
Set organisational spreadsheet standards;
have a “this is the way we do it here.”
Implement a best practice standard
(i.e., FAST).
Implement training in how to use Excel and
how to design spreadsheets.
64. 64experience. new thinking
Practical solutions (II)
Demand better presentation of information … in
a way that supports decision making.
(“But this requires better training to start with.”)
Stocktake where you are using spreadsheets …
assess where your vulnerability lies and
address key risks.
Implement a review process for key
spreadsheets with external review if needed
(e.g., internal audit, external audit or domain
specialists).
65. 65experience. new thinking
Practical solutions (III)
At a basic level, for ad hoc spreadsheets:
Layout your work
Use styles
Format sheet well/properly
Don’t hard code
Don’t use remote references
Include graphs
Take time to check and review your work
Document information sources
66. 66experience. new thinking
Practical solutions (IV)
For more complex spreadsheets:
Use a standard format & style
Involve review and signoff of key inputs &
assumptions in the spreadsheet
Build-in error checks
Keep cross links to a minimum
Keep all links between worksheets on a
single page
Implement version and change controls
67. 67experience. new thinkingexperience. new thinking 67
Self-checking your spreadsheets to
avoid errors in decision making.
Anthony Berglas
Spreadsheet Detective
75. 75experience. new thinking
More resources
www.f1f9.com
“Well worth trying their 31 day free online course for a brush-up on your
excel skills.”
www.spreadsheetdetective.com
“Use the tools we use, to understand and self-audit your model.”
www.asap-utilities.com
“Great tools for every excel user. If you ever work with data, you need
these tools.”
www.perceptualedge.com
“For enlightening analysis and communication.”
This was the final straw. This formula was in a model prepared by a consultant that I was asked to review.
There had to be a better way.
Flexible in short term – run scenarios
Adaptable in long term – progressively add more detail as the project is developed
Often people will model the bit of the business they know about to the nth degree, when its impact is swamped by a few key variables eg sugar price
I can review any FAST model and readily understand how it hangs together and follow the logic of it
Interestingly, it is this structured approach that makes the model flexible
The 1.4m formula I showed earlier was not transparent. Transparency is born of simplicity.
A quick example to show the essence of the FAST Standard.
The spreadsheet engineering should not be creative. The creative process should be around the business questions to be answered.
There is a learning curve, but once learnt the task of building a model is a lot faster because of specific techniques used. Additionally, changes, adaptation and review processes are a lot quicker.