Spreadsheet-based professional modelling

This paper describes, with reference to several professional models developed by the author, how the use of Excel often allows for a much higher efficiency to cost ratio than more traditional approaches such as specialized packages or the use of development languages. Used efficiently, and with the assistance of add-ins, Excel may help build models which most people are convinced would demand more sophisticated software. Of course, this often implies the use of elaborate techniques which reduce the negative impact of Excel's natural limits in terms of number of columns, calculation time, bugs, and so on. There are many other reasons why Excel models are so interesting for business: the interactivity of these models, their reduced development time and cost, their user-friendliness, the positive user/client attitude (the model is not a black box), and the rich graphic possibilities (when the model does not limit itself to standard Excel graphs).