Assignment 2 - Modeling and Spreadsheet Engineering.docx -...

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Assignment 2: Modeling and Spreadsheet EngineeringGroup Member Names:ModelingIntroductionIn data modeling, it is important to first organize the data (numbers) and information available into the following categories:1.Assumptions: Facts that will be held constantthat will simplifya data model. This will typically be facts that tend to change over time. For example, trying to predict future interest rates is difficult, so assume inflation to be at 2% into the future). Assumptions will either be a parameteror part of thegoal.2.Parameters: The inputs that will be used in the spreadsheet calculations. a.Variable Parameters: Facts that can be changedand adjustedto meet a goal. These are facts and values that can be influenced. For example, spending habits can be adjusted if budgets cannot be initially met.b.Assumptions Parameters: Facts that will not be adjusted they are bound by the assumptions stated.3.Goal: The outputs that will be calculated from the parameters. May include non-numerical facts that are important to note.4.Irrelevant: Facts that have no value to the problem we are trying to solveAft0er the data is categorized, a problem statementcan be formulated (i.e. what are we trying to solve). The problem statement should also state any key assumptions.DeliverablesJohn is saving for a house and is planning to make a purchase after saving for an additional two years from today. Hecurrently has a planned budget, an idea of the purchase price of a house, and savings for a down payment and wouldlike to consult you to ensure his expectations are realistic. The statements below outline John’s current financial situation.1.Classify the following facts into Irrelevant, Assumption: Goal, Assumption Parameter, Variable Parameter, and Goal. Explain your choice in the justification section.
John’s budget for buying a house is $400,000That is his house target for the two years plan.

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