Complete the narratives of what is involved in the following steps in creating a Model. Include practical examples. a) Step 1: Define and Structure the Problem b) Step 2: Define the Input and Output Variables of the Model

Complete the narratives of what is involved in the following steps in creating a Model. Include practical examples.
a) Step 1: Define and Structure the Problem
b) Step 2: Define the Input and Output Variables of the Model
c) Step 3: Decide Who Will Use the Model and How Often
d) Step 4: Understand the Financial and Mathematical Aspects of the Model
e) Step 5: Design the Model
f) Step 6: Create the Spreadsheets or Write the VBA Codes
g) Step 7: Test the Model
h) Step 8: Protect the Model
i) Step 9: Document the Model
j) Step 10: Update the Model as Necessary
 
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