Excel - BPM Standards 6.1 Commentary & Examples

Best Practice
Spreadsheet Modelling Standards

Commentary & Examples
Developed and maintained by Best Practice Modelling (BPM)
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BEST PRACTI CE SPREADSHEET MODELLI NG STANDARDS - VERSI ON 6.1
This document is based on t he version 6. 1 of t he Best Pract ice Spreadsheet Modelling St andards as at
11
t h
August 2010. Please check www. best pr act icemodelling. com and www. ssrb. org for any updat es t o
t his document . This document is subj ect t o an Open Licence Agreement available at www. ssrb. org, a
copy of which is annexed t o t his document . As per t his agr eement , all copyright in t his document and
any derivat ion of t his document is owned by BPM Analyt ical Empower ment Pt y Lt d.
Copyright BPM Analyt ical Empower ment Pt y Lt d and associat ed ent it ies.
This is a Best Pract ice Modelling publicat ion. These st andar ds are t he subj ect of ongoing development
wit h updat es being made available at www. best pract icemodelling. com and www. ssrb. or g.
To st ay informed about updat es and amendment s t o t he st andards, t his comment ary and examples book
and ot her best pract ice modelling resour ces, j oin t he Best Pract ice Modelling Net work at
www. best pract icemodelling. com/ net work/ overview) .
SPREADSHEET STANDARDS REVI EW BOARD
The Spreadsheet St andards Review Board ( SSRB) is t he body t hat develops and maint ains t he Best
Pract ice Spreadsheet Modelling St andards. The SSRB was est ablished by BPM Analyt ical Empower ment
Pt y Lt d during 2003 t o bring t oget her t he best spr eadsheet modelling skills from around t he wor ld in
order t o develop and gain general accept ance for comprehensive and universally applicable Best Pract ice
Spreadsheet Modelling St andards. The SSRB can be cont act ed as follows:
Address: Spreadsheet St andards Review Board
Level 8, 330 Collins St reet
Melbourne, Vict oria 3000, Aust ralia
Telephone: + 61 3 9244 9800
Email: enquiries@ssrb.org
Websit e: www. ssrb. org
BEST PRACTI CE MODELLI NG ( BPM)
Best Pract ice Modelling ( BPM) is a business modelling organisat ion t hat specialises in t he provision of
best pract ice modelling resources including t ools, t raining and consult ing services. BPM is t he founding
member of t he SSRB and remains commit t ed t o overseeing t he ongoing maint enance, development and
adopt ion of t he Best Pract ice Spreadsheet Modelling St andards. BPM is also responsible for maint aining
and updat ing t his comment ar y and examples book. BPM can be cont act ed as follows:
Address: Best Pract ice Modelling
Telephone: + 61 3 9244 9800
Email: info@bpmglobal. com
Websit e: www. best pract icemodelling. com
I MPORTANT NOTI CES
These Best Pract ice Spreadsheet Modelling St andards have been writ t en based on spreadsheet modelling
using Microsof t Excel
and ar e universally applicable t o all forms of spreadsheet modelling wit hin t hat
applicat ion. The SSRB is of t he opinion t hat Microsoft Excel is t he most commonly used spreadsheet
applicat ion available for spr eadsheet modelling. Therefore, t he comment ary and examples provided ar e
based on Microsoft Excel. However, most of t hese st andards and convent ions are gener ally applicable.
Many of t he examples provided t hroughout t his comment ary and examples book have been creat ed
wit hin Microsoft Excel

using bpmToolbox
a best pract ice add- in available from Best Pr act ice Modelling
( www. best pract icemodelling.com) . The SSRB is of t he opinion t hat t he use of bpmToolbox wit hin
Microsoft Excel is t he most efficient and effect ive means of implement ing t he Best Pract ice Spreadsheet
Modelling St andards. A free t rial of bpmToolbox may be downloaded from t he Best Pract ice Modelling
websit e at www. best pract icemodelling.com/ soft ware/ bpmToolbox.
www. best pract icemodelling. com
Best Pr act i ce Spr eadsheet Model l i ng St andar ds
Ver si on 6. 1 www. best pract icemodelling. com Page 1 of 275
Table of Cont ent s
I nt r oduct i on ............................................................................................................. 7
Defining Spreadsheet Modelling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
The Evolut ion of Spreadsheet Modelling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Model Developers vs. Model Users . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
The Need for St andards and Convent ions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Obj ect ives of t he St andards and Convent ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Classificat ion of t he St andards and Convent ions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
The Spr eadsheet St andar ds Revi ew Boar d ............................................................. 11
SSRB and t he Best Pract ice Spreadsheet Modelling St andards. . . . . . . . . . . . . . . . . . . 11
Role of t he SSRB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Changes t o t he St andards and Convent ions Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Changes t o t he St andards and Convent ions Approval Crit eria . . . . . . . . . . . . . . . . . 13
Usi ng t he St andar ds and Conv ent i ons .................................................................... 15
Best Pract ice Ut ilisat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Spreadsheet Modelling Areas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
St ruct ure of t he St andards and Convent ions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Reading t he St andards and Convent ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
How t o use t he St andards and Convent ions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Pract ical I mplement at ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
More I nformat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Fundament al Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
St andar ds and Convent i ons ................................................................................... 25
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Best Pract ice Spreadsheet Modelling St andards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Best Pract ice Spreadsheet Modelling Convent ions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Page 2 of 275 www. best pract icemodelling. com Ver si on 6. 1
Chapt er 1. Gener al Concept s ............................................................................. 59
1.1. Clarit y of Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
1.2. Purpose- Based Format t ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
1.3. Assumpt ion Classificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
1.4. Sheet Classificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
1.5. Sheet I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
1.6. Cell Classificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
1.7. Cell I dent ificat ion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Chapt er 2. Wor k book St r uct ur e ......................................................................... 77
2.1. Purpose- Based Workbook St ruct ure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
2.2. Cover Sheet s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
2.3. Workbook Sect ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
2.4. Workbook Navigat ion / Hyperlinks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
2.5. Workbook Consist ency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
Chapt er 3. Sheet St r uct ur e ................................................................................ 87
3.1. Purpose- Based Sheet St ruct ure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
3.2. Sheet Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
3.3. Limit ing Worksheet Dept h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
3.4. Window Panes and Split s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
3.5. Grouping Levels. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
3.6. Heading I ndent at ion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
3.7. Sample Sheet Layout s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
3.8. Sheet Type Component Summaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
Chapt er 4. For mat s and St yl es ........................................................................ 117
4.1. Purpose- Based Format t ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
4.2. St yles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
4.3. Dat a Alignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
4.4. Dat a I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
4.5. Work in Progress I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
4.6. Hyperlink Format t ing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
Chapt er 5. Assumpt i on Ent r y I nt er f aces.......................................................... 129
5.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
5.2. The I nt erface Cont rol Concept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
5.3. Assumpt ion Ent ry I nt erface Rules. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
5.4. Cont rols / Forms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
5.5. Dat a Validat ion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
5.6. Condit ional Format t ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
5.7. Securit y and Prot ect ion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
5.8. I nt erface Cont rol Example. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
Chapt er 6. Sensi t i vi t y Anal ysi s ........................................................................ 149
6.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
6.2. Sensit ivit y Analysis vs. Scenario Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
6.3. Sensit ivit y Assumpt ion Ent ry I nt erface Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
6.4. Common Sensit ivit y Analysis Met hods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
6.5. Assumpt ion vs. Out put - Based Sensit ivit y Analysis . . . . . . . . . . . . . . . . . . . . . . . . 159
Chapt er 7. Out put s & Pr esent at i ons ................................................................ 161
7.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
7.2. Out put Segregat ion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
7.3. Out put Worksheet Layout . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
7.4. Present at ion Sheet s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
Chapt er 8. Cal cul at i on For mul ae ..................................................................... 169
8.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169
8.2. Formula Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170
8.3. Assumpt ions Segregat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170
8.4. Complex Formulae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
8.5. Formula Present at ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
8.6. Circular References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174
Chapt er 9. Nami ng Pr i nci pl es .......................................................................... 175
9.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
9.2. Workbook Naming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
9.3. Sheet Naming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177
9.4. Range Naming. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183
Chapt er 10. Ti me Ser i es Anal ysi s ...................................................................... 189
10.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189
10.2. Time Series Assumpt ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190
10.3. Periodicit y Labels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
10.4. Time Series Sheet Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196
10.5. Mult iple Periodicit ies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
Chapt er 11. Check s ........................................................................................... 199
11.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
11.2. Error Checks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200
11.3. Error Check Summaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203
11.4. Sensit ivit y Checks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205
11.5. Sensit ivit y Checks Summaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
11.6. Alert Checks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207
11.7. Alert Check Summaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208
11.8. Check I dent ifiers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
11.9. Report ing t he St at us of Checks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
Chapt er 12. Pr i nt i ng & Vi ew i ng ......................................................................... 215
12.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
12.2. Page Number s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
12.3. Print ing Workbooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216
12.4. Print ed I nformat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218
12.5. Viewing Workbooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Chapt er 13. Mul t i pl e Wor k book s ....................................................................... 221
13.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221
13.2. Model I mport and Export Sheet s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221
13.3. Linked Workbooks Diagrams. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225
13.4. Mult iple Workbook I ssues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226
Chapt er 14. Secur i t y & Pr ot ect i on ..................................................................... 229
14.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229
14.2. Non- Assumpt ions Prot ect ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230
14.3. Workbook Prot ect ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231
14.4. Sheet Prot ect ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232
14.5. Passwords . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232
Chapt er 15. Vi sual Basi c Pr ogr ammi ng.............................................................. 235
15.1. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235
15.2. Recording Macros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235
Chapt er 16. Mi scel l aneous................................................................................. 237
16.1. Mult iple Model Developers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237
16.2. Calculat ion Met hodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238
16.3. Calculat e in t he St at us Bar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238
16.4. Emphasising I nformat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239
16.5. Help Files and I nst ruct ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239
16.6. Ot her Comment ary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240
Appendi x 1. Def i ned Ter ms................................................................................ 243
Appendi x 2. St andar ds Li st i ng ........................................................................... 253
Appendi x 3. Conv ent i ons Li st i ng ........................................................................ 257
Appendi x 4. Open Li cence Agr eement ............................................................... 261
I nt roduct ion
Def i ni ng Spr eadsheet Model l i ng
The t erm spr eadsheet modelling is a generic t erm t hat is used t o describe any form of
analysis which is undert aken using spreadsheet s. Spreadsheet modelling is also commonly
referred t o wit hin t he business world as financial modelling or simply modelling.
A spr eadsheet can be defined as:
A program for organising numerical dat a in t abular format s allowing rapid calculat ions
wit h changing variables.
A spr eadsheet model can be defined as:
A t heoret ical const ruct in a spreadsheet t hat represent s numerical processes by a set of
variables and a set of logical and quant it at ive relat ionships bet ween t hem.
The Evol ut i on of Spr eadsheet Model l i ng
Whilst spreadsheet applicat ions have been around for over 20 years, spreadsheet modelling
is a relat ively new area of expert ise wit hin t he business world.
Funct ional spreadsheet applicat ions were first developed in t he 1980s wit h t he release of
Lot us 1- 2- 3
, which was based on VisiCalc
; t he first ever comput er spreadsheet progr am

which was developed by Dan Bricklin and Bob Frankst on. Microsoft Excel
for Windows
was
released in 1987 but it was not unt il t he release of Microsoft Excel 95
t hat spreadsheet
applicat ions became widely used wit hin t he business world. Since t he release of Microsoft
Excel 95
, spreadsheet applicat ion funct ionalit y has improved at an exponent ial rat e,
providing spreadsheet model developer s wit h t he t ools t o const ruct increasingly sophist icat ed
spreadsheet models.
Wit h t he rise of spreadsheet applicat ion t echnology, bot h simple and complex spreadsheet
models have become mor e prevalent t hroughout t he business world. Spreadsheet s are now
generally accept ed as being t he primary vehicle for modelling in business.
The demand for spreadsheet modelling cont inues t o rise, wit h decision makers relying more
int ensively on spreadsheet modelling analysis as t he basis for t heir decisions. I n order t o
meet t he increasingly complex demands of model users, model developers have had t o
significant ly improve t heir spreadsheet modelling skills. As such, spreadsheet model
development has become a highly skilled area of expert ise wit hin t he business communit y.
Model Dev el oper s v s. Model User s
The people who come int o cont act wit h spreadsheet models can be universally cat egorised as
being eit her model developers or model users. To explain t he Best Pract ice Spreadsheet
Modelling St andards it is import ant t o clearly dist inguish bet ween model developers and
model users.
Model Devel oper s are involved in t he physical const ruct ion of a spreadsheet model
and t he derivat ion of t he underlying calculat ions.
Model User s rely upon out put from a spreadsheet model for various purposes, oft en
t o analyse or gain an underst anding of t he area being modelled or t o provide t hem
wit h assist ance in decision making.
A model developer can act as a model user following t he complet ion of a spreadsheet model.
Conversely, a model user can act as a model developer when making changes t o t he
const ruct ion of a spreadsheet model. Most people, including model audit ors or model
reviewers, will be considered t o be model users unless t hey are making changes t o t he
const ruct ion of a spreadsheet model. The import ant difference bet ween a model developer
and a model user is t he purpose of t heir involvement in t he spreadsheet model, being t o
eit her const ruct or use t he spreadsheet model respect ively.
The Need f or St andar ds and Conv ent i ons
As spreadsheet modelling act ivit ies and underlying organisat ions grow and become more
complex, t he need for universal spreadsheet modelling st andards and account abilit y behind
decision- making processes also grows.
Tradit ionally, a lack of generally accept ed principles governing t he model development
process has r esult ed in model developers const ruct ing models according t o individual t ast es
and preferences. This lack of st andardisat ion has oft en result ed in unnecessar y frust rat ion
and confusion as model developers have difficult y underst anding and ut ilising models
developed by ot hers and model users have been forced t o adapt t o models on a case by case
basis. I n t he absence of universal spreadsheet modelling st andards, t he spreadsheet
modelling sect or would cont inue t o become more complex, disj oint ed and difficult for
management and decision makers t o cont rol, unnecessarily creat ing significant cost s and
risks for business organisat ions.
St andards current ly govern many areas of t he business world. Some of t he more prominent
examples include account ing st andards and audit ing st andards. I n general, t here is
considerable st andardisat ion of report ing and analysis in relat ion t o hist orical result s, but
very lit t le st andardisat ion in relat ion t o forecast ed result s. Prior t o t he first release of t hese
Best Pract ice Spreadsheet Modelling St andards, t her e was lit t le or no st andardisat ion wit hin
t he spreadsheet modelling sect or. Despit e t his lack of st andardisat ion, spreadsheet models
have st ill been used as a fundament al component of t he quant it at ive analysis which is
undert aken in relat ion t o almost every maj or business decision.
Obj ect i ves of t he St andar ds and Conv ent i ons
The Best Pract ice Spreadsheet Modelling St andards and Convent ions aim t o provide t he
model development and business communit ies wit h:
Freely- available, universally- applicable and definit ive principles against which t he
qualit y of spreadsheet models can be assessed; and
A plat form for t he st andar disat ion of spreadsheet model development processes.
I mport ant ly, t hese st andards and convent ions provide a comprehensive and det ailed set of
guidelines relat ing t o every st age of t he spreadsheet model development process, but do not
limit t he cust omisabilit y of spreadsheet - based analysis in any way. Put simply, t hese
st andards and convent ions explain how t o develop best pract ice spreadsheet models, not
w hat t o include in spreadsheet models.
The Best Pract ice Spreadsheet Modelling St andards and Convent ions empower bot h model
developers and model users wit h t he knowledge t o improve t he qualit y and efficiency of
spreadsheet modelling act ivit ies. I n t his regard, t he primary spreadsheet modelling benefit s
of adopt ing t hese st andar ds and convent ions are:
a) I mproved qualit y and t ransparency;
b) Decreased development t ime and cost s;
c) Minimisat ion of error risk;
d) Facilit at ion of efficient sharing of model development met hodologies;
e) Prevent ion of model redundancy; and
f) Alignment of t he needs of model developers and model users.
Cl assi f i cat i on of t he St andar ds and Conv ent i ons
The following definit ions govern t he cat egorisat ion of t he Best Pract ice Modelling St andards
and Convent ions:
Best Pr act i ce Model l i ng St andar d ( BPMS) :
A met hodology or approach t hat is r equi r ed t o implement best pract ice spr eadsheet
modelling.
The st andar ds are universally applicable and are t he best w ay t o develop best pract ice
spreadsheet models. St andards must be exhaust ive and must be recognised as being t he
only met hodology or approach t hat is best pract ice.
Best Pr act i ce Model l i ng Convent i on ( BPMC) :
A met hodology or approach t hat is r ecommended t o implement best pract ice
spreadsheet modelling.
The convent ions are universally applicable and are r ecommended by t he Spreadsheet
St andards Review Board.
There are t ypically t hree t ypes of Convent ions:
1. Where t here is mor e t han one best pr act i ce , none of which are necessarily
bet t er or wor se t han t he ot hers ( e. g. when aest het ics or personal preference
cannot be avoided) ;
2. Where a basis for consist ency is required and t here is no gener al l y accept ed
met hodol ogy or approach in exist ence, t he SSRB may recommend a convent ion
t o est ablish a basis for furt her st andardisat ion; or
3. Where a met hodology or approach is al most al w ay s best pr act i ce , but when
cert ain rare circumst ances are int roduced may not be best pract ice ( i. e. where
t he SSRB believes t hat t he benefit s of int roducing t he convent ion for most
spreadsheet s considerably out weigh t he lack of universal applicabilit y) .
SSRB
The Spreadsheet St andards
Review Board
SSRB and t he Best Pr act i ce Spr eadsheet Model l i ng St andar ds
The Spreadsheet St andar ds Review Board ( SSRB) is t he body t hat develops and maint ains
t he Best Pract ice Spreadsheet Modelling St andards. The SSRB has invest ed significant
resources in comprehensively analysing every aspect of spreadsheet modelling in order t o
est ablish t hese comprehensive and universally applicable St andards.
The SSRB was est ablished by Best Pract ice Modelling ( BPM ) t o bring t oget her t he best
spreadsheet modelling skills in order t o develop and gain general accept ance for
comprehensive and universally applicable Best Pract ice Spreadsheet Modelling St andards.
The Best Pract ice Spreadsheet Modelling St andards, being t he highest professional
spreadsheet modelling st andards publicly available in t he world, were first published in July
2003 and have been progressively gaining general market accept ance.
Rol e of t he SSRB
The SSRB is responsible for:
Promot ing t he general accept ance of t he Best Pract ice Spreadsheet Modelling
St andards t o ensure t hat t he Best Pract ice Spreadsheet Modelling St andards are
recognised, used and accept ed as t he highest professional spreadsheet modelling
st andards in t he world;
Developing and maint aining t he Best Pract ice Spreadsheet Modelling St andards;
Facilit at ing and managing public part icipat ion in t he Best Pract ice Spreadsheet
Modelling St andards via writ t en proposals t o t he SSRB;
Evaluat ing proposals t o modify t he Best Pract ice Spreadsheet Modelling St andards;
and
Providing free copies of t he Best Pract ice Spreadsheet Modelling St andards t o t he
public.
The SSRB meet s periodically t o evaluat e and consider proposals t o add, delet e or modify t he
St andards t hat are submit t ed t o t he SSRB by any part y. The SSRB also invest s significant
resources int o comprehensively analysing every aspect of spreadsheet development ,
maint enance and usage in order t o est ablish new universally applicable st andar ds and
convent ions for spreadsheet modelling act ivit ies.
SSRB
Changes t o t he St andar ds and Conv ent i ons Pr ocess
The Best Pract ice Spreadsheet Modelling St andards and Convent ions are maint ained by t he
SSRB in accordance wit h t he Open Licence Agreement which is annexed t o t hese st andar ds.
Any part y may propose an addit ion, delet ion or modificat ion t o t he st andards by submit t ing a
Best Pract ice Spreadsheet Modelling St andards - Proposal Form t o t he SSRB. Each proposal
is subj ect t o t he same approval process. The process for approving a proposal is as follows:
1) Complet ion and submission of a Best Pract ice Spreadsheet Modelling St andards
Proposal Form t o t he SSRB via proposals@ssrb. org which requires t he following
cat egories of informat ion including ( see Changes t o t he St andards and Convent ions
Approval Crit eria for more det ails in relat ion t o t hese cat egories) :
a) Submit t ing Part y cont act det ails;
b) Submit t ing Part y qualificat ions and experience;
c) Type of proposal ( addit ion, delet ion or modificat ion) ;
d) Overview of proposal;
e) Exact wording of St andard or Convent ion t o be added, delet ed or modified;
f) Exact wording of new St andard or Convent ion t o be added or modified;
g) Summary of primary spreadsheet issues addr essed by t he proposal;
h) Descript ion of how t he proposal complies wit h each of t he eight Crit eria for
Approval; and
i) Descript ion of how t he proposal meet s t he crit eria for St andard or Convent ion
Classificat ion.
2) Preliminary review of submission by SSRB Proposal Commit t ee;
3) Provision of Clarificat ion Quest ions by SSRB Proposal Commit t ee t o Submit t ing Part y
( if required) ;
4) Preparat ion of final submission by Submit t ing Part y t o SSRB;
5) Disseminat ion of final submission t o SSRB members ( four weeks in advance of formal
SSRB Meet ing or decision making vot e) ;
6) Considerat ion and discussion of final submission at formal SSRB meet ing; and
7) Vot e t o appr ove submission proposal by SSRB members:
a) I f approved by 75% of members - t he St andard or Convent ion is added,
delet ed or modified for inclusion int o t he next version of t he Best Pract ice
Spreadsheet Modelling St andards; or
b) I f not approved by 75% of members - t he proposal is not approved, and in
cert ain cases a report may be prepar ed by t he SSRB Proposal Commit t ee t o
t he Submit t ing Part y wit h suggest ed areas t o addr ess t o gain fut ure approval
and/ or summary of t he reasons why t he proposal was not approved.
SSRB
Changes t o t he St andar ds and Convent i ons Appr oval Cr i t er i a
I n order for a proposed st andard or convent ion t o qualify for inclusion in t he Best Pract ice
Spreadsheet Modelling St andards it must be approved by t he Spreadsheet St andards Review
Board. I n evaluat ing proposals t he SSRB focuses on eight fundament al crit eria. I n order t o
be approved by t he SSRB t he st andard or convent ion proposal must :

1) Be a met hodology or approach for developing, maint aining or using spreadsheet s;
I n order t o be a st andard or convent ion, t he proposal under considerat ion must be
a met hodology or approach, and it must be such for t he purposes of developing,
maint aining or using spreadsheet s. This ensures t hat proposals t hat are unrelat ed
t o best pract ice spreadsheet modelling are not included in t he st andards.
2) Have universal applicabilit y;
When it is relevant , a st andard or convent ion must be capable of being applied t o
every Microsoft Excel
spreadsheet ( i. e. universally applicable) .

3) Address how t o model ( not w hat t o model) ;
All st andar ds and convent ions must be universally applicable met hodologies or
approaches t o spreadsheet development , maint enance and use. Hence, t he
met hodologies or approaches t hat are adopt ed t o develop, maint ain or use
specific spreadsheet cont ent will not be considered t o be st andar ds or
convent ions.
4) Be in t he int erest s of improving communicat ion bet ween model developers and model
users;
This crit erion is direct ed at ensuring t hat t he st andards are developed in t he
int erest of improving communicat ion, rat her t han reducing spr eadsheet
development t ime. This is due t o t he imperat ive t hat t he st andards art iculat e best
pract ices in order t o encourage t he spreadsheet mar ket t o develop t he
appropriat e t ools t o assist t hem wit h implement ing t he st andards.
5) Reduce t he likelihood of errors or mist akes in spreadsheet s;
One of t he primary obj ect ives of t he st andards is t o encourage pract ices t hat
reduce t he likelihood of errors occurring in t he development , maint enance or use
of spreadsheet s. As such, it is import ant t hat new st andards seek t o reduce or at
least not incr ease t he likelihood of errors in spreadsheet s.
6) I ncrease spr eadsheet t ransparency and user- friendliness for model users;
By increasing t ransparency and user- friendliness, t he ult imat e end- users of
spreadsheet s can achieve t heir goals in a more efficient , clear and logical manner.
7) Be consist ent wit h t he definit ions of words and t erms cont ained in t he st andar ds; and
There is an ext ensive list of definit ions for words and t erms used wit hin t he
st andards and convent ions t hat must be read in conj unct ion wit h t he st andards
and convent ions. As such any new st andard must be writ t en such t hat it is
consist ent wit h t he definit ions cont ained wit hin t he exist ing st andards.
8) Be t he best pract ice t hat is known, where best pract ice is defined as a set of
operat ions achieving world class result s in qualit y, flexibilit y, t imeliness, cost and
compet it iveness, especially from t he cooperat ion of model developers and model
users.
The met hodology or approach must be generally accept ed as being t he best
pract ice t hat is available or known at any point in t ime. I n cert ain circumst ances,
part icularly where a met hodology or approach involves t he inclusion of aest het ics,
t here may be more t han one best pract ice. I n t hese circumst ances a Convent ion
may be est ablished.
Usi ng The St andar ds
Using t he St andards and
Convent ions
Best Pr act i ce Ut i l i sat i on
The Best Pract ice Spreadsheet Modelling St andards should be used in every mat erial
spreadsheet model development process, part icularly when mult iple model developers are
involved and/ or t he model is t o be used by model users not involved in t he model
development process.
An import ant foundat ion for implement ing ' best pract ice' is an underst anding of t he 16
Spreadsheet Modelling Areas which comprise t he st andards and convent ions and an
underst anding of t he not at ion which is used t o classify relat ed st andards and convent ions. A
det ailed discussion and examples of t hese concept s is provided in t his Comment ary &
Examples version of t he Best Pract ice Spreadsheet Modelling St andards which can be
downloaded from t he SSRB websit e ( www. ssrb. org) .
Finally, it is import ant t o underst and how t he st andards and convent ions can be efficient ly
and effect ively implement ed, t aking int o account pot ent ial issues result ing from working in
t eams t o develop best pract ice models. There are t ools, such as bpmToolbox ( available from
BPM at www.best pract icemodelling. com/ soft ware/ overview) , which have been developed
sprecifically t o facilit at e best pract ice implement at ion, and t hese should be considered befor e
undert aking any significant best pract ice modelling exercise.
For more informat ion about bpmToolbox and examples of best pr act ice ut ilisat ion, go t o t he
BPM websit e ( www. best pract icemodelling. com) or cont act t he SSRB or BPM t o discuss your
needs. BPM also offers free subscript ion t o t he Best Pract ice Modelling Net work, which
ensures t hat best pract ice modelers are kept up t o dat e wit h changes t o t he St andards and
t he ongoing development of improved best pract ice modelling t ools and t echniques. To
subscribe t o t his net work, go t o www. best pract icemodelling. com/ net work/ subscribe.
Spr eadsheet Model l i ng Ar eas
The Best Pract ice Spreadsheet Modelling St andards and Convent ions have been separat ed
int o 16 Spreadsheet Modelling Areas. Each Spreadsheet Modelling Area repr esent s a dist inct
area of t he spreadsheet model development process.
The 16 Spreadsheet Modelling Areas are list ed below:
Spr eadsheet Model l i ng Ar ea Descr i pt i on
1) General Concept s

Fundament al concept s including workbook,
sheet and cell purpose and cont ent .
2) Workbook St ruct ur e

Workbook st ruct ur e, sect ions, t able of cont ent s
and navigat ion.
3) Sheet St r uct ur e

Sheet t ypes, st ruct ure, consist ency, t it les and
cont ent .
4) Format s and St yles

Format and st yle purpose, consist ency,
ident ificat ion, explanat ion and appearance.
5) Assumpt ion Ent ry I nt erfaces

Assumpt ion ent ry int erface st ruct ure, rules,
consist ency, locat ion and for mat s.
6) Sensit ivit y Analysis

Sensit ivit y analysis st ruct ure, locat ion, rules
and ident ificat ion.
7) Out put s and Pr esent at ions

Out put links, r ules, separat ion and sect ions.
8) Calculat ion For mulae

Calculat ion formulae consist ency, rules,
diagrams and complexit ies.
9) Naming Principles

Workbook, sheet and range naming
consist ency, ident ificat ion, rules and
applicat ion.
10) Time Ser ies Analysis

Time series analysis, assumpt ions, consist ency,
st ruct ure, periodicit y, rules and out put .
11) Checks

Error checks, Sensit ivit y checks and Alert
checks st ruct ure, rules, locat ion, format s and
ident ificat ion.
12) Print ing and Viewing

Print ing and viewing consist ency, rules,
margins, page numbers and informat ion.
13) Mult iple Workbooks

Mult iple workbook links, st ruct ure, locat ion,
rules and diagr ams.
14) Secur it y and Prot ect ion

Workbook, sheet and cell prot ect ion and
cont rol.
15) Visual Basic Pr ogramming

The use of visual basic programming in
spreadsheet models.
16) Miscellaneous

Various ot her areas.
St r uct ur e of t he St andar ds and Conv ent i ons
The following diagram provides an overview of t he cont ent of t he St andards and Convent ions
wit hin each of t he 16 Spreadsheet Modelling St andards Areas.
SMA 1 Gener al Concept s
BPMS 1- 1 Workbook Purpose BPMC 1- 1 Sheet Types
BPMS 1- 2 Sheet Classificat ion BPMC 1- 2 Sheet Purpose I dent ificat ion
BPMS 1- 3 Sheet Cont ent BPMC 1- 3 Cell Cont ent I dent ificat ion
BPMS 1- 4 Sheet Purpose BPMC 1- 4 Cell Purpose I dent ificat ion
BPMS 1- 5 Cell Classificat ion BPMC 1- 5 Mixed Cell Except ions
BPMS 1- 6 Cell Cont ent
BPMS 1- 7 Cell Purpose
BPMS 1- 8 Assumpt ion Classificat ion
BPMS 1- 9 Assumpt ion Cell Cont ent

SMA 2 Wor k book St r uct ur e
BPMS 2- 1 Workbook Cover Sheet BPMC 2- 1 Workbook Sect ion St ruct ure
BPMS 2- 2 Workbook Sect ions
BPMS 2- 3 Sect ion Cover Sheet s
BPMS 2- 4 Table of Cont ent s
BPMS 2- 5 Table of Cont ent s I nformat ion
BPMS 2- 6 Workbook Navigat ion

SMA 3 Sheet St r uct ur e
BPMS 3- 1 Sheet Tit les BPMC 3- 1 Sheet Cont ent Consist ency
BPMS 3- 2 Sheet Type Consist ency BPMC 3- 2 Hyperlinks in Wor ksheet s
BPMS 3- 3 Grouping Rows or Columns BPMC 3- 3 No Chart Sheet s
BPMC 3- 4 Workbook Cover Sheet Cont ent
BPMC 3- 5 Workbook Cover Sheet Not es
BPMC 3- 6 Sect ion Cover Sheet Cont ent
BPMC 3- 7 Sect ion Cover Sheet Not es
BPMC 3- 8 Limit ing Worksheet Dept h
BPMC 3- 9 Freezing Panes
BPMC 3- 10 Grouping Levels
BPMC 3- 11 Heading I ndent at ion

SMA 4 For mat s & St y l es
BPMS 4- 1 Format s & St yles Key BPMC 4- 1 Use of Pur pose- Based St yles
BPMS 4- 2 Worksheet Dat a Alignment BPMC 4- 2 Cell Dat a Alignment
BPMS 4- 3 Denominat ion I dent ificat ion BPMC 4- 3 Work I n Progress I dent ificat ion
BPMS 4- 4 Workbook Denominat ion BPMC 4- 4 Hyperlink Format s
BPMS 4- 5 Hyperlink Consist ency
BPMS 4- 6 Work I n Progress
SMA 5 Assumpt i on Ent r y I nt er f aces
BPMS 5- 1 Assumpt ions Locat ion BPMC 5- 1 Prevent ing I nvalid Assumpt ion Ent ries
BPMS 5- 2 No Assumpt ion Repet it ion BPMC 5- 2 Assumpt ion Ent ry I nt erfaces
BPMS 5- 3 Cont rol Cell Link Placement BPMC 5- 3 Cont rolling Assumpt ion Ent ry I nt erfaces
BPMS 5- 4 Cont rol Lookup Dat a BPMC 5- 4 No Heading Tit le Label Repet it ion
BPMS 5- 5 I n Cell Drop Down List BPMC 5- 5 Cont rol Cell Link Range Names
BPMC 5- 6 Use of Check Box Cont rols
BPMC 5- 7 Use of But t on Cont rols
BPMC 5- 8 Use of Drop Down Box or List Box Cont rols
BPMC 5- 9 Use of Spin But t on or Scroll Bar Cont rols
BPMC 5- 10 Dat a Validat ion
BPMC 5- 11 Condit ional Format t ing of Assumpt ion Cells
BPMC 5- 12 Visual I dent ificat ion of I nact ive Assumpt ions

SMA 6 Sensi t i v i t y Anal y si s
BPMS 6- 1 Separat e Sensit ivit y Assumpt ions Sect ion BPMC 6- 1 Sensit ivit y Assumpt ion Ent ry I nt erface St ruct ur e
BPMS 6- 2 Sheet Type for Sensit ivit y Assumpt ion Ent ry I nt erfaces
BPMS 6- 3 Separat e Sensit ivit y Assumpt ion Ent ry I nt erfaces

SMA 7 Out put s & Pr esent at i ons
BPMS 7- 1 Segr egat ion of Out put s BPMC 7- 1 Separat e Out put Workbooks
BPMS 7- 2 Present at ion Sheet s BPMC 7- 2 Out put Sect ion St r uct ur e
BPMS 7- 3 Present at ion Sheet Usage BPMC 7- 3 Out put Worksheet Summaries

SMA 8 Cal cul at i on For mul ae
BPMS 8- 1 Consist ent For mulae BPMC 8- 1 Avoid Complex Formulae
BPMS 8- 2 No Assumpt ions I n Mixed Cell Cont ent BPMC 8- 2 Complex Formulae Schemat ics
BPMS 8- 3 Circular Refer ences BPMC 8- 3 Mult iple Funct ion Formulae

SMA 9 Nami ng Pr i nci pl es
BPMS 9- 1 Workbook Naming BPMC 9- 1 Workbook Name Display
BPMS 9- 2 Sheet Naming BPMC 9- 2 File Name Visibilit y
BPMS 9- 3 Range Naming BPMC 9- 3 Sheet Type Naming Suffixes
BPMS 9- 4 St andardised Naming Prefixes BPMC 9- 4 Secondary Sheet Naming Suffixes
BPMC 9- 5 Sheet Naming Key
BPMC 9- 6 Range Naming Prefixes
BPMC 9- 7 Range Naming Key
BPMC 9- 8 Range Naming Conflict s

SMA 10 Ti me Ser i es Anal y si s
BPMS 10- 1 Time Series Assumpt ions BPMC 10- 1 Time Series Const ant s
BPMS 10- 2 Time Series Period Labels BPMC 10- 2 No Mixing Of Periodicit ies
BPMS 10- 3 Time Series Period End Dat es BPMC 10- 3 Mult iple Periodicit ies I n One Workbook
BPMS 10- 4 Time Series Periodicit y I dent ificat ion BPMC 10- 4 Time Series Dat a Direct ion
BPMS 10- 5 Time Series Number Of Periods
BPMS 10- 6 Time Series Sheet Consist ency

SMA 11 Check s
BPMS 11- 1 Checks Classificat ion BPMC 11- 1 Linking Checks t o Model Name Ent ry Cell
BPMS 11- 2 Error Checks BPMC 11- 2 Check Cell Condit ional Format t ing
BPMS 11- 3 Sensit ivit y Checks BPMC 11- 3 Check Calculat ion Locat ion
BPMS 11- 4 Alert Checks BPMC 11- 4 Check Type Summary Cell
BPMS 11- 5 Error Checks Summary
BPMS 11- 6 Sensit ivit y Checks Summary
BPMS 11- 7 Alert Checks Summary
BPMS 11- 8 Check I ndicat or Flag
BPMS 11- 9 Check Cell Format t ing
BPMS 11- 10 Dedicat ed Checks Summaries

SMA 12 Pr i nt i ng & Vi ew i ng
BPMS 12- 1 Table Of Cont ent s Page Numbers BPMC 12- 1 Workbook Print Scaling
BPMS 12- 2 Sheet Page Numbers BPMC 12- 2 Print ed I nformat ion
BPMS 12- 3 Page Mar gin Consist ency
BPMS 12- 4 Print View Consist ency
BPMS 12- 5 Page View Consist ency
BPMS 12- 6 Worksheet View Consist ency

SMA 13 Mul t i pl e Wor k book s
BPMS 13- 1 Ext er nal Workbook I mport s BPMC 13- 1 Workbook Specific Model I mport And Export Sheet s
BPMS 13- 2 Ext er nal Workbook Export s BPMC 13- 2 Model I mport And Export Sheet Consist ency
BPMS 13- 3 Workbook Out put Links BPMC 13- 3 No Complex Formulae On Model I mport Sheet s
BPMC 13- 4 Model I mport And Export Sect ions
BPMC 13- 5 Linked Workbook Diagrams

SMA 14 Secur i t y & Pr ot ect i on
[ No St andar ds] BPMC 14- 1 Workbook Prot ect ion
BPMC 14- 2 Prot ect ion of Non Assumpt ions
BPMC 14- 3 Sheet and Cell Prot ect ion
BPMC 14- 4 No Unnecessary Passwords
BPMC 14- 5 St oring Passwor ds

SMA 15 Vi sual Basi c Pr ogr ammi ng
[ No St andar ds] BPMC 15- 1 Recor ding Macros

SMA 16 Mi scel l aneous
BPMS 16- 1 Aut omat ic Calculat ion Set t ing BPMC 16- 1 Model Developer I dent ificat ion
BPMC 16- 2 Emphasising I nfor mat ion
BPMC 16- 3 Help Files and I nst ruct ions
Readi ng t he St andar ds and Conv ent i ons
As ment ioned above, t he st andards and convent ions have been separat ed int o 16 number ed
Spreadsheet Modelling Areas. Each of t hese Spreadsheet Modelling Area numbers
corresponds wit h a Chapt er number in t he Best Pract ice Spreadsheet Modelling St andards
and Comment ary book, where det ailed comment ary and examples are provided for each
St andard and Convent ion.
The St andards and Convent ions are available in t wo forms, as follows:
a) Best Pract ice Spreadsheet Modelling St andards - Comment ary and Examples book
( t his book) : t he Best Pract ice Spreadsheet Modelling St andards plus 16 Chapt ers
( corresponding t o t he 16 Spreadsheet Modelling St andards Areas) including det ailed
comment ary and examples for each St andard and Convent ion.
b) Best Pract ice Spreadsheet Modelling St andards ( no comment ary or examples) .
Each Best Pract ice Spreadsheet Modelling St andard has a numbered ident ifier t hat includes a
BPMS prefix ( indicat ing t hat it is a St andard) and a t wo part number repr esent ing t he
Spreadsheet Modelling Area and number of t he st andard.
Similarly, each Best Pract ice Spreadsheet Modelling Convent ion also has a numbered
ident ifier t hat includes a BPMC prefix ( indicat ing t hat it is a Convent ion) and a t wo part
number repr esent ing t he Spreadsheet Modelling Area and number of t he convent ion. See
t he following t wo numbered ident ifier examples:
Ty pe Number ed I dent i f i er Number Component Meani ngs
St andard BPMS 1- 9 1 = Spreadsheet
Modelling Area Number 1
( General Concept s)
9 = St andard number 9
wit hin Spreadsheet
Convent ion BPMC 3- 2 3 = Spreadsheet
( Sheet St ruct ure)
2 = Convent ion number
2 wit hin Spr eadsheet
There are many defined words and t er ms cont ained wit hin t he t ext of many St andards and
Convent ions. The definit ions for each are cont ained in Appendix 1. These defined words and
t erms are highlight ed wit hin t he t ext using it alic font . An example is shown in t he St andard
below, wit h t he it alic font represent ing defined t erms for workbook, format and st yle:
BPMS 4- 1 For mat s and St y l es Key
Every workbook should cont ain a key or legend t hat explains t he purpose of
each for mat and st yle t hat has been applied t o t he cells in t he workbook.
The Best Pract ice Spreadsheet Modelling St andards ( wit hout comment ary or examples)
cont aining all of t he St andards and Convent ions wit hin t he 16 Spreadsheet Modelling Areas
have been pr ovided on pages 25 t o 59 of t his book.
How t o use t he St andar ds and Conv ent i ons
A best pract ice spreadsheet model developer should always apply t he Best Pract ice
Spreadsheet Modelling St andards whenever t hey build a spreadsheet model. Aside from
implement ing best pr act ice, model developers will find t hat applying t he st andards and
convent ions will great ly reduce t he amount of t ime required t o develop, explain and modify
t heir spreadsheet models - especially if t he part ies wit h whom t hey are communicat ing are
also aware of t he st andards and convent ions being applied.
Furt her, a best pract ice spreadsheet model user should require t hat t heir spreadsheet
models are developed in accordance wit h t hese st andards and convent ions. This will ensure
t hat model users derive maximum value from t heir spreadsheet models in t he most efficient
manner, whilst maint aining cont rol over approach and qualit y.
Det ailed examples and comment ary in relat ion t o how t o implement each st andard and
convent ion have been provided in t his Best Pract ice Spreadsheet Modelling St andards
Comment ary and Examples book.
Not every st andard or convent ion will be applicable t o every spreadsheet model being
developed. This can be t hought of in t he same way as when applying account ing st andards -
i. e. only t he st andards and convent ions relevant t o t he part icular area being modelled need
t o be considered at any point in t ime.
I t is t herefore import ant t hat a best pr act ice spreadsheet model developer be familiar wit h all
of t he st andards and convent ions, and knowns when each st andard and convent ion is
relevant t o t he spreadsheet model being built .
Pr act i cal I mpl ement at i on
The Best Pract ice Spreadsheet Modelling St andards and Convent ions can be implement ed by
simply using any spreadsheet applicat ion wit h discipline and consist ency. However, t his
approach creat es risks of non- best pract ice issues, part icularly as models become larger and
more complex.
The st andar disat ion and consist ency which creat e t he foundat ion for t he st andards also make
it possible t o use st andardisat ion soft ware t o ensure t hat best pract ice is being implement ed
efficient ly and accurat ely. The best soft ware available for t his purpose is bpmToolbox
- a
comprehensive best pract ice add- in for Microsoft Excel
developed and maint ained by BPM.

bpmToolbox makes it possible t o implement t he st andards in less t ime t han non- best
pract ice modelling, and also allows for t he creat ion and maint enance of personal and/ or
corporat e t hemes which can be applied collect ively by mult iple spreadsheet model
developers.
For more informat ion on bpmToolbox and ot her best pract ice modelling resources, visit t he
Best Pract ice Modelling websit e at www. best pract icemodelling. com. BPM also offers free
subscript ion t o t he Best Pract ice Modelling Net work, which ensures t hat best pr act ice
modelers are kept up t o dat e wit h changes t o t he st andards and t he ongoing development of
improved best pract ice modelling t ools and t echniques. To subscr ibe t o t his net work, go t o
www. best pract icemodelling. com/ net work/ subscribe.
Mor e I nf or mat i on
This book cont ains det ailed comment ar y and examples in relat ion t o each of t he Best
Pract ice Spreadsheet Modelling St andards and Convent ions prepared by BPM. For more
informat ion on t he st andar ds and convent ions or any queries regarding any spreadsheet
modelling area you can cont act BPM via t he following det ails:
a) Websit e: www. best pract icemodelling. com
b) Email: I nfo@bpmglobal. com
c) Phone: + 613 9244 9800
d) Writ e t o us at : BPM
The Best Pract ice Spreadsheet Modelling St andards are maint ained by t he Spreadsheet
St andards Review Board ( SSRB) . For furt her informat ion regarding t he Best Pract ice
Spreadsheet Modelling St andards or t he SSRB, please cont act t he SSRB at www. ssrb. org.
Fundament al Ter ms
There are several basic and fundament al t erms t hat are used t hroughout t he St andards and
Convent ions. I n addit ion t o t he basic t erms out lined below, t here is a det ailed Appendix of
defined words and t erms on Page 243 of t his book.
Ter m Def i ni t i on
Assumpt ion Anyt hing wit hin a workbook t hat t he model developer int ends t o be
manipulat ed by model users t o affect t he workbook calculat ions.
Base Assumpt ion A base ent ry int o a workbook t hat drives base out put s ( out put t hat does not
include t he impact s of sensit ivit y assumpt ions) .
Cell ( Range) One ( or more) of t he ent ry boxes t hat make up worksheet s wit hin a workbook.
Column A single vert ical group of cells which is 1 cell in widt h, and is t he height of an
ent ire worksheet .
Const ant ( s) A numerical value, t ext , macr o generat ed value, cont rol generat ed value ( cell
link) or any ot her ent ry cont ained wit hin a cell t hat is not a formula and does
not cont ain a formula. Also r eferred t o as a hard- code.
Convent ion
A met hodology or approach t hat is recommended t o implement best pract ice
This met hodology or approach is universally applicable and is recommended by
t he Spr eadsheet St andards Review Board.
Ent ry I nt erface
A cell, range of cells or cont rol for ent ering base or sensit ivit y assumpt ions.
Fill Colour
The background colour of a cell or range of cells.
Used t o indicat e cell purpose.
Font Colour
The colour of any charact er wit hin a cell or r ange of cells.
Used t o indicat e cell cont ent .
Format A single proper t y of a cell or ot her obj ect t hat affect s it s out ward appearance.
Formula An equat ion t hat performs calculat ions, including a funct ion or mat hemat ical
operat or t hat does not include a const ant .
Hyperlink A link locat ed wit hin a workbook which, when act ivat ed, moves t he act ive cell
t o anot her wor ksheet in t he same workbook, a different workbook, or anot her
area on t he same worksheet
Ter m Def i ni t i on
Link A reference wit hin a for mula t hat refer s t o a cell or range of cells t hat is locat ed
on anot her worksheet or in anot her workbook
Locat ion A cell ref erence or named posit ion wit hin a worksheet . Also referred t o as
Posit ion.
Model Developer A person involved in t he const ruct ion of a spreadsheet model and t he der ivat ion
of t he underlying calculat ions.
Model User A person who relies upon out put from a spreadsheet model for various
purposes, oft en t o analyse or gain an under st anding of t he area being modelled
or t o provide t hem wit h assist ance in decision making
Out put ( s) Any component wit hin a workbook t hat is not an assumpt ion.
Row A single horizont al group of cells which is a worksheet widt h wide and 1 cell
long.
Sect ion Sheet s wit hin a workbook t hat have been grouped ( locat ed) t oget her.
Sensit ivit y
Analysis
The analysis of t he sensit ivit y of t he out put of a spreadsheet model t o changes
in it s base assumpt ions ( using sensit ivit y assumpt ions) .
Sensit ivit y
Assumpt ion
An ent ry int o a workbook t hat drives running case out put s ( out put t hat includes
t he impact s of bot h base assumpt ions and sensit ivit y assumpt ions) .
Sheet A worksheet or chart sheet in a workbook.
Spreadsheet
Model
A t heor et ical const r uct in a spreadsheet t hat represent s numer ical processes by
a set of variables and a set of logical and quant it at ive relat ionships bet ween
t hem. A spreadsheet model may be a workbook or group of linked workbooks.
St andard
A met hodology or approach t hat is required t o implement Best Pract ice
This met hodology or approach is universally applicable and is t he best way t o
develop Best Pract ice spreadsheet models.
St yle A collect ion of pre- det er mined format s consist ent ly applied t o cells or ot her
obj ect s.
Time Ser ies
Model
A workbook or group of linked workbooks t hat analyses number s over more
t han one sequent ial period of t ime. A Time Series Model includes more t han
one per iod and as such requir es dat e and t ime assumpt ions and period labels.
Workbook A file t hat cont ains one or more sheet s.
Worksheet A sheet which consist s of rows and columns, and t herefore cont ains cells.
St andar ds & Conv ent i ons
St andards and Convent ions
Over vi ew
This chapt er list s each of t he Best Pract ice Spreadsheet Modelling St andards and
Convent ions in order of Spreadsheet Modelling Area. Each Best Pract ice Spreadsheet
Modelling St andard and Convent ion has been st at ed, wit hout comment ary, in t he following
pages, numbered and list ed wit hin each of t he 16 different Spreadsheet Modelling Areas.
For more det ailed informat ion, comment ary and examples relat ing t o each St andard and
Convent ion refer t o chapt ers 1 16 of t his book on pages 59 - 241, which correspond wit h
t he 16 Spreadsheet Modelling Areas.
There are cur rent ly 67 universally applicable Best Pr act ice Spreadsheet Modelling St andards
and 71 Convent ions, grouping int o t he following Spreadsheet Modelling Areas:
Number Spr eadsheet Model l i ng Ar ea
1 General Concept s
2 Workbook St ruct ur e
3 Sheet St r uct ur e
4 Format s and St yles
5 Assumpt ion Ent ry I nt erfaces
6 Sensit ivit y Analysis
7 Out put s and Pr esent at ions
8 Calculat ion For mulae
9 Naming Principles
10 Time Ser ies Analysis
11 Checks
12 Print ing and Viewing
13 Mult iple Workbooks
14 Secur it y and Prot ect ion
15 Visual Basic Pr ogramming
16 Miscellaneous
The following pages det ail each Best Pr act ice Spreadsheet Modelling St andard.
1. Gener al Concept s
BPMS 1- 1 Wor k book Pur pose
The purpose of a workbook should be t he primary considerat ion of a model developer during
every st age of a workbooks development . The purpose of a workbook can be universally
segregat ed int o t hree levels as follows:
a) The purpose of t he workbook;
b) The purpose of each sheet ; and
c) The purpose of each component wit hin each sheet .
Relat ed St andards: BPMS 1- 4 Sheet Purpose, Page 27.
BPMS 1- 7 Cell Purpose, Page 27.
BPMS 1- 2 Sheet Cl assi f i cat i on
The sheet cont ent and sheet purpose of every sheet in a workbook should be visually
ident ifiable at all t imes.
Relat ed St andards: BPMS 1- 3 Sheet Cont ent , Page 26.
BPMS 1- 4 Sheet Purpose, Page 27.
Relat ed Convent ions: BPMC 1- 1 Sheet Types, Page 42.
BPMC 1- 2 Sheet Purpose I dent ificat ion, Page 42.
BPMS 1- 3 Sheet Cont ent
Every sheet in a workbook should be visually ident ifiable as being one of t he following sheet
t ypes:
a) Cover sheet
b) Cont ent s sheet
c) Sect ion cover sheet
d) Model schemat ic sheet
e) Time series sheet
f) Blank sheet
g) Lookup sheet
h) Chart sheet
BPMS 3- 2 Sheet Type Consist ency, Page 30.
BPMS 1- 4 Sheet Pur pose
Every sheet in a workbook should have t he purpose of eit her collect ing assumpt ions or not
collect ing assumpt ions.
Hence, every sheet in a workbook should be visually ident ifiable as having one of t he
following sheet purposes:
a) Assumpt ion sheet ; or
b) Out put sheet .
Relat ed Convent ions: BPMC 1- 2 Sheet Purpose I dent ificat ion, Page 42.
BPMS 1- 5 Cel l Cl assi f i cat i on
The cell cont ent and cell purpose of every cell in every worksheet should be visually
ident ifiable at all t imes.
Relat ed St andards: BPMS 1- 6 Cell Cont ent , Page 27.
Relat ed Convent ions: BPMC 1- 3 Cell Cont ent I dent ificat ion, Page 43.
BPMC 1- 4 Cell Purpose I dent ificat ion, Page 43.
BPMS 1- 6 Cel l Cont ent
Every cell in every worksheet should be visually ident ifiable as cont aining one of t he
following cont ent t ypes:
a) Const ant ;
b) Formula; or
c) Mixed ( combinat ion of const ant and formula) .
BPMC 1- 5 Mixed Cell Except ions, Page 43.
BPMS 1- 7 Cel l Pur pose
Every cell in every worksheet should have t he purpose of eit her collect ing assumpt ions or not
collect ing assumpt ions.
Hence, every cell in every worksheet should be visually ident ifiable as having one of t he
following cell purposes:
a) Assumpt ion cell; or
b) Out put cell.
Relat ed Convent ions: BPMC 1- 4 Cell Purpose I dent ificat ion, Page 43.
BPMS 1- 8 Assumpt i on Cl assi f i cat i on
An assumpt ion is defined as anyt hing wit hin a workbook t hat is int ended t o be manipulat ed
by model users t o affect out put .
Every assumpt ion in a workbook must be classified as one of t he following t ypes:
a) Base assumpt ion; or
b) Sensit ivit y assumpt ion.
BPMS 1- 9 Assumpt i on Cel l Cont ent
Every assumpt ion cell in every worksheet should cont ain const ant cell cont ent .
Relat ed St andards: BPMS 1- 5 Cell Classificat ion, Page 27.
BPMS 1- 6 Cell Cont ent , Page 27.
2. Wor k book St r uct ur e
BPMS 2- 1 Wor k book Cover Sheet
Every workbook t hat cont ains more t han one sheet should cont ain a separat e cover sheet as
t he first sheet in t he workbook.
Relat ed Convent ions: BPMC 2- 1 Workbook Sect ion St r uct ure, Page 44.
BPMC 3- 4 Workbook Cover Sheet Cont ent , Page 45.
BPMC 3- 5 Workbook Cover Sheet Not es, Page 46.
BPMS 2- 2 Wor k book Sect i ons
Every workbook t hat cont ains mult iple cat egories or similar t ypes of informat ion should be
separat ed int o sect ions. A separat e sect ion should be creat ed in a workbook for each sheet
or group of sheet s cont aining similar t ypes of informat ion.
Relat ed Convent ions: BPMC 2- 1 Workbook Sect ion St r uct ure, Page 44.
BPMS 2- 3 Sect i on Cover Cover s
A sect ion cover sheet should be used at t he st art of each sect ion in a workbook t o indicat e
t he commencement of each new sect ion.
Relat ed Convent ions: BPMC 3- 6 Sect ion Cover Sheet Cont ent , Page 46.
BPMC 3- 7 Sect ion Cover Sheet Not es, Page 46.
BPMS 2- 4 Tabl e of Cont ent s
Every workbook wit h more t han one sheet should cont ain a t able of cont ent s out lining t he
st ruct ure and composit ion of t he underlying workbook.
Relat ed St andards: BPMS 12- 1 Table of Cont ent s Page Numbers, Page 38.
BPMS 12- 2 Sheet Page Number s, Page 38.
BPMS 2- 5 Tabl e of Cont ent s I nf or mat i on
A Table of Cont ent s should:
a) Show t he sect ions of t he workbook ( if any sect ions have been cr eat ed) ;
b) Reference t he sheet t it le of each sheet in t he model;
c) Clearly number each sect ion and sheet ; and
d) Be locat ed near t he front of t he workbook ( generally t he second sheet in t he
workbook) .
Relat ed St andards: BPMS 12- 1 Table of Cont ent s Page Numbers, Page 38.
BPMS 2- 6 Wor k book Navi gat i on
Every workbook wit h more t han one sheet should cont ain:
a) a t able of cont ent s sheet out lining t he sect ions and sheet s in t he workbook;
b) hyperlinks from t he t able of cont ent s t o every sheet in t he workbook; and
c) a hyperlink t o t he t able of cont ent s always in view on every sheet in t he workbook.
Relat ed St andards: BPMS 3- 3 Grouping Rows or Columns, Page 30.
BPMS 3- 3 Grouping Rows or Columns, Page 30.
Relat ed Convent ions: BPMC 3- 2 Hyperlinks in Worksheet s, Page 45.
3. Sheet St r uct ur e
BPMS 3- 1 Sheet Ti t l es
Every sheet in a workbook should cont ain a clearly highlight ed sheet t it le t hat is:
a) Consist ent ly format t ed on every sheet ;
b) Consist ent ly locat ed on every sheet t ype; and
c) Always in view on t he screen when t hat sheet is act ive.
Relat ed St andards: BPMS 1- 3 Sheet Cont ent , Page 26.
BPMC 3- 1 Sheet Cont ent Consist ency, Page 44.
BPMS 3- 2 Sheet Ty pe Consi st ency
Sheet s of t he same sheet t ype wit hin a workbook should be consist ent ly st ruct ured and
format t ed.
This st andard applies t o:
a) Sheet t it le, st yles and posit ioning;
b) Heading st yles and spacing;
c) Column and row dimensions;
d) Dat a ent ry point s;
e) Hyperlink posit ioning;
f) Visibilit y of gridlines;
g) Grouping levels;
h) Zoom and viewing proper t ies;
i) Window panes and split s; and
j ) Format s and colours.
Relat ed Convent ions: BPMC 3- 1 Sheet Cont ent Consist ency, Page 44.
BPMC 3- 2 Hyperlinks in Worksheet s, Page 45.
BPMC 3- 4 Workbook Cover Sheet Cont ent , Page 45.
BPMC 3- 6 Sect ion Cover Sheet Cont ent , Page 46.
BPMS 3- 3 Gr oupi ng Row s or Col umns
When hiding rows or columns in a worksheet , t he rows or columns should always be
grouped, not hidden.
Relat ed Convent ions: BPMC 3- 8 Limit ing Worksheet Dept h, Page 47.
BPMC 3- 9 Freezing Panes, Page 47.
BPMC 3- 10 Grouping Levels, Page 47.
4. For mat s & St y l es
Every workbook should cont ain a key or legend t hat explains t he purpose of each format and
st yle t hat has been applied t o t he cells in t he workbook.
Relat ed Convent ions: BPMC 4- 1 Use of Purpose- Based St yles, Page 48.
BPMC 4- 3 Work in Progress I dent ificat ion, Page 48.
BPMS 4- 2 Wor k sheet Dat a Al i gnment
All dat a of t he same t ype on a worksheet should be consist ent ly aligned down rows or across
columns.
Relat ed Convent ions: BPMC 4- 2 Cell Dat a Alignment , Page 48.
BPMS 4- 3 Denomi nat i on I dent i f i cat i on
Every number in a workbook should clearly indicat e what t ype of denominat ion it is by
eit her:
a) St at ing t he denominat ion of a number in an appropriat e corresponding heading, t it le
column, row or label; or
b) Format t ing t he number such t hat it is displayed as it s denominat or ( e. g. $20, 20
t onnes, 20% or 20. 0x) .
Relat ed St andards: BPMS 4- 4 Workbook Denominat ion, Page 31.
BPMS 4- 4 Wor k book Denomi nat i on
There should be a primary denominat ion t hat is used consist ent ly t hroughout t he workbook.
Where denominat ions differ from t he primary denominat ion, t hey should be clearly labelled
t o inform ot her model developer s and model users.
Relat ed St andards: BPMS 4- 3 Denominat ion I dent ificat ion, Page 31.
BPMS 4- 5 Hy per l i nk Consi st ency
All hyperlinks wit hin a workbook should use a consist ent , dedicat ed st yle or format so t hat
t hey are visually ident ifiable as being hyperlinks.
Relat ed Convent ions: BPMC 4- 4 Hyperlink Format s , Page 48.
BPMS 4- 6 Wor k i n Pr ogr ess
Any cell wit hin a workbook t hat is subj ect t o furt her work or not finalised should be visually
ident ifiable as being work in progress.
Relat ed Convent ions: BPMC 4- 3 Work in Progress I dent ificat ion , Page 48.
5. Assumpt i on Ent r y I nt er f aces
BPMS 5- 1 Assumpt i ons Locat i on
All assumpt ions cont ained in a workbook should be locat ed on dedicat ed and visually
ident ifiable assumpt ion sheet s.
Assumpt ions should never be locat ed on out put sheet s.
BPMS 5- 2 No Assumpt i on Repet i t i on
Any single assumpt ion should never be ent ered more t han once int o a workbook.
BPMS 5- 3 Cont r ol Cel l Li nk Pl acement
Every cell link t hat is at t ached t o a cont rol in a workbook should be locat ed in t he t op left cell
of t he range over which it s cont rol is placed.
Relat ed Convent ions: BPMC 5- 5 Cont rol Cell Link Range Names, Page 49.
BPMC 9- 5 Sheet Naming Key, Page 53.
BPMS 5- 4 Cont r ol Look up Dat a
When using a cont rol in a workbook t hat requires an input range ( lookup dat a) , t he lookup
dat a should always be locat ed on a separat e lookup sheet .
BPMS 5- 5 I n- Cel l Dr op Dow n Li st s
A cell in which dat a validat ion is used t o creat e in cell drop down list s t he range in which t he
drop down list is insert ed should always be format t ed as an assumpt ion cell.
6. Sensi t i v i t y Anal y si s
BPMS 6- 1 Separ at e Sensi t i vi t y Assumpt i on Sheet s
Every workbook t hat cont ains sensit ivit y analysis funct ionalit y should cont ain a dedicat ed
sensit ivit y assumpt ions sect ion ( which is separat e t o t he base assumpt ions sect ion) .
Relat ed Convent ions: BPMC 6- 1 Sensit ivit y Assumpt ion Ent ry I nt erface St ruct ure, Page 51.
BPMS 6- 2 Sheet Ty pe f or Sensi t i v i t y Assumpt i on Ent r y I nt er f aces
All sensit ivit y assumpt ions in a workbook should be locat ed on assumpt ion sheet s.
BPMS 6- 3 Separ at e Sensi t i vi t y Assumpt i on Ent r y I nt er f aces
Sensit ivit y assumpt ions should always be locat ed on a dedicat ed sensit ivit y assumpt ion sheet
which is separat e t o it s corresponding base assumpt ion sheet .
7. Out put s & Pr esent at i ons
BPMS 7- 1 Segr egat i on of Out put s
Out put sheet s and present at ions, which may t ake t he form of t ables, graphs, diagrams or
pict ures, amongst ot her forms, should always be locat ed in eit her:
a) a separat e, clearly labelled sect ion of a workbook; or
b) a separat e dedicat ed out put workbook.
Relat ed Convent ions: BPMC 7- 1 Separat e Out put Workbooks, Page 51.
BPMC 7- 2 Out put Sect ion St ruct ur e, Page 52.
BPMS 7- 2 Pr esent at i on Sheet s
A workbook may cont ain sheet s which do not comply wit h t he st andards and convent ions,
but t hese sheet s must be present at ion sheet s.
A present at ion sheet is a sheet t hat is included in a workbook in order t o present out put
which is necessarily exempt from t he st andards and convent ions in order t o meet aest het ic
or corporat e requirement s.
BPMS 7- 3 Pr esent at i on Sheet Usage
Present at ion sheet s should only be included in a workbook where it is not possible t o use
non- present at ion sheet s t o achieve t he same obj ect ive.
8. Cal cul at i on For mul ae
BPMS 8- 1 Consi st ent For mul ae
When more t han one adj acent cell cont ains a similar t ype of out put t he st ruct ure and
component s of t he formulae wit hin t he cells should always be consist ent , so t hat t he cell can
be copied acr oss / down t he relevant range wit hout needing t o make changes.
BPMS 8- 2 No Assumpt i ons i n Mi x ed Cel l Cont ent
Assumpt ions should not be embedded in cells cont aining mixed cell cont ent i. e. cells
cont aining cont ent wit h a combinat ion of const ant and formula.
BPMS 8- 3 Ci r cul ar Ref er ences
A workbook or group of linked workbooks should never cont ain a circular reference.
9. Nami ng Pr i nci pl es
BPMS 9- 1 Wor k book Nami ng
Each workbook should be named such t hat t he name:
a) Allows for different versions of t he workbook;
b) Remains consist ent bet ween versions of t he workbook; and
c) Different iat es t he workbook from ot her workbooks.
Relat ed Convent ions: BPMC 9- 1 Workbook Name Display, Page 52.
BPMS 9- 2 Sheet Nami ng
Every sheet name in a workbook should indicat e t he sheet t ype.
Relat ed Convent ions: BPMC 9- 3 Sheet Type Naming Suffixes, Page 53.
BPMC 9- 4 Secondary Sheet Naming Suffixes, Page 53.
BPMS 9- 3 Range Nami ng
Every range name in a workbook should describe t he cont ent or use of t he range being
named.
Relat ed Convent ions: BPMC 9- 5 Sheet Naming Key, Page 53.
BPMC 9- 6 Range Naming Prefixes, Page 54.
BPMC 9- 7 Range Naming Key, Page 54.
BPMS 9- 4 St andar di sed Nami ng Pr ef i x es
Every range name in a workbook should have a st andardised pr efix t o ident ify what t ype of
range t he name refers t o or t he purpose of t hat range.
10. Ti me Ser i es Anal y si s
BPMS 10- 1 Ti me Ser i es Assumpt i ons
Every workbook t hat undert akes t ime series analysis should clearly st at e, for each dist inct
t ime series:
a) t he t ime series st art dat e; and
b) t he t ime series periodicit y.
Relat ed Convent ions: BPMC 10- 2 No Mixing of Periodicit ies, Page 55.
BPMS 10- 2 Ti me Ser i es Per i od Label s
A t ime series should always cont ain a consist ent set of periodicit y labels and count ers t hat
are locat ed in t he same posit ion on every relevant worksheet in t he workbook.
The periodicit y labels and count ers t hat should appear in every t ime series sheet are:
a) Period st art dat e;
b) Period end dat e; and
c) Period number ( count er) .
Relat ed St andards: BPMS 10- 3 Time Ser ies Period End Dat es, Page 35
BPMS 10- 3 Ti me Ser i es Per i od End Dat es
The period end dat e label for each period in a t ime series sheet should always be in view on
t he screen.
Relat ed St andards: BPMS 10- 2 Time Ser ies Period Labels, Page 35
BPMS 10- 4 Ti me Ser i es Per i odi ci t y I dent i f i cat i on
The periodicit y of each t ime series sheet should be clearly ident ified and always in view on
each t ime series sheet .
BPMS 10- 5 Ti me Ser i es Number of Per i ods
A workbook t hat undert akes t ime series analysis should always include a cell or cell range
t hat indicat es t he number of periods in each dist inct t ime series.
BPMS 10- 6 Ti me Ser i es Sheet Consi st ency
Time series sheet s for each dist inct t ime series wit hin a workbook should always:
a) Cont ain t he same number of periods; and
b) Have t he first period st art ing in t he same column ( or more rarely, row) .
11. Check s
BPMS 11- 1 Check s Cl assi f i cat i on
All checks in a workbook should be classified as being one of t he following check t ypes:
a) Error check;
b) Sensit ivit y check; or
c) Alert check.
Relat ed St andards: BPMS 11- 2 Error Checks, Page 36.
BPMS 11- 3 Sensit ivit y Checks, Page 36.
BPMS 11- 4 Alert Checks, Page 36.
BPMS 11- 2 Er r or Check s
Every workbook should cont ain appropriat e error checks t o assist in ident ifying errors in t he
workbook.
Relat ed St andards: BPMS 11- 1 Checks Classif icat ion , Page 36.
BPMS 11- 5 Error Checks Summary , Page 36.
BPMS 11- 3 Sensi t i vi t y Check s
Every workbook t hat cont ains one or more sensit ivit y assumpt ions should cont ain sensit ivit y
checks t o ident ify when t here is an operat ive sensit ivit y assumpt ion.
Relat ed St andards: BPMS 11- 1 Checks Classif icat ion, Page 36.
BPMS 11- 6 Sensit ivit y Checks Summary , Page 37.
BPMS 11- 4 Al er t Check s
Every workbook t hat requires checks t hat are not classified as error checks or sensit ivit y
checks should cont ain alert checks t o ident ify when such a check has been t riggered.
Relat ed St andards: BPMS 11- 1 Checks Classif icat ion, Page 36.
BPMS 11- 7 Alert Checks Summary , Page 37.
BPMS 11- 5 Er r or Check s Summar y
The out come of every error check in a workbook should be displayed in a dedicat ed and
separat e error checks summary.
Relat ed St andards: BPMS 11- 2 Error Checks, Page 36.
BPMS 11- 10 Dedicat ed Checks Summar ies , Page 37.
BPMS 11- 6 Sensi t i vi t y Check s Summar y
The out come of every sensit ivit y check in a workbook should be displayed in a dedicat ed and
separat e sensit ivit y checks summary.
Relat ed St andards: BPMS 11- 3 Sensit ivit y Checks , Page 36.
BPMS 11- 7 Al er t Check s Summar y
The out come of every alert check in a workbook should be displayed in a dedicat ed and
separat e aler t checks summary.
Relat ed St andards: BPMS 11- 4 Alert Checks , Page 36.
BPMS 11- 8 Check I ndi cat or Fl ag
A message or indicat or t hat clearly not ifies t he model developer or user t hat a check has
been t rigger ed in a workbook should always be in view on every worksheet in a workbook.
Relat ed Convent ions: BPMC 11- 1 Linking Checks t o Model Name Ent ry Cell, Page 55.
BPMS 11- 9 Check Cel l For mat t i ng
Each check cell in a workbook should be format t ed in such a way t hat it will visually indicat e
when an error, sensit ivit y or alert check has been t r iggered.
Relat ed Convent ions: BPMC 11- 2 Check Cell Condit ional For mat t ing, Page 55.
BPMS 11- 10 Dedi cat ed Check s Summar i es
A workbook should not cont ain more t han one of each of t he following t ypes of check
summaries:
a) Error checks summary;
b) Sensit ivit y checks summar y; and/ or
c) Alert checks summary.
Relat ed St andards: BPMS 11- 5 Error Checks Summary, Page 36.
BPMS 11- 6 Sensit ivit y Checks Summary, Page 37.
BPMS 11- 7 Alert Checks Summary, Page 37.
12. Pr i nt i ng & Vi ew i ng
BPMS 12- 1 Tabl e of Cont ent s Page Number s
Every workbook wit h more t han one sheet should cont ain a t able of cont ent s t hat displays
t he corresponding print ed page numbers for each sheet . As such a workbook should always
print wit h a Table of Cont ent s t hat is consist ent wit h any page numbers print ed on t he
individual sheet pages.
Relat ed St andards: BPMS 2- 4 Table of Cont ent s, Page 29.
BPMS 12- 2 Sheet Page Number s, Page 38.
BPMS 12- 2 Sheet Page Number s
Every sheet wit hin a workbook should cont ain page numbers t hat correspond wit h t he
print ed page numbers st at ed in t he workbook t able of cont ent s, when print ing t he ent ire
workbook.
Relat ed St andards: BPMS 2- 4 Table of Cont ent s, Page 29.
BPMS 12- 1 Table of Cont ent s Page Numbers, Page 38.
BPMS 12- 3 Page Mar gi n Consi st ency
The page margins on every sheet in a workbook should be consist ent .
BPMS 12- 4 Pr i nt Vi ew Consi st ency
The print scaling set t ing and hence t he size of t he cont ent on each print ed page in a
workbook should, where pract ical, be consist ent for each sheet .
Relat ed St andards: BPMS 12- 5 Page View Consist ency, Page 38.
BPMS 12- 6 Worksheet View Consist ency, Page 38.
BPMS 12- 5 Page Vi ew Consi st ency
The view t ype should be t he same for each sheet in a workbook.
Relat ed St andards: BPMS 12- 4 Print View Consist ency, Page 38.
BPMS 12- 6 Worksheet View Consist ency, Page 38.
BPMS 12- 6 Wor k sheet Vi ew Consi st ency
Prior t o providing a workbook t o a model user, t he view of every worksheet in t he workbook
should be set such t hat t he t op- left corner of t he worksheet is in view ( i. e. cell A1 is
select ed) .
BPMS 12- 5 Page View Consist ency, Page 38.
13. Mul t i pl e Wor k book s
BPMS 13- 1 Ex t er nal Wor k book I mpor t s
All links from an ext ernal workbook int o a workbook should be made via dedicat ed and
separat e model import sheet s.
Relat ed St andards: BPMS 13- 2 Ext ernal Workbook Export s, Page 39.
BPMS 13- 3 Workbook Out put Links, Page 39.
Relat ed Convent ions: BPMC 13- 1 Workbook- Specific Model I mport and Export Sheet s, Page 56.
BPMC 13- 2 Model I mpor t and Export Sheet Consist ency, Page 56.
BPMC 13- 3 No Complex Formulae on Model I mport Sheet s, Page 57.
BPMC 13- 4 Model I mpor t and Export Sect ions, Page 57.
BPMC 13- 5 Mult iple Workbook Diagrams, Page 57.
BPMS 13- 2 Ex t er nal Wor k book Ex por t s
All links t o an ext ernal workbook from a workbook should be made via dedicat ed and
separat e model export sheet s.
Relat ed St andards: BPMS 13- 1 Ext ernal Workbook I mport s, Page 39.
BPMS 13- 3 Workbook Out put Links, Page 39.
Relat ed Convent ions: BPMC 13- 1 Workbook- Specific Model I mport and Export Sheet s, Page 56.
BPMC 13- 2 Model I mpor t and Export Sheet Consist ency, Page 56.
BPMC 13- 3 No Complex Formulae on Model I mport Sheet s, Page 57.
BPMC 13- 4 Model I mpor t and Export Sect ions, Page 57.
BPMC 13- 5 Mult iple Workbook Diagrams, Page 57.
BPMS 13- 3 Wor k book Out put Li nk s
All formulae on a model export worksheet should always be linked direct ly t o t he workbook
calculat ions.
Cont ent on a model expor t worksheet should never be moved from one workbook t o anot her
workbook in a manner ( e. g. copied and past ed as values) which creat es st at ic dat a t hat will
not change when changes are made t o t he workbook from which t he dat a originat ed.
BPMS 13- 2 Ext ernal Workbook Export s, Page 39.
14. Secur i t y and Pr ot ect i on
Relat ed Convent ions: BPMC 14- 3 Sheet and Cell Prot ect ion, Page 57.
15. Vi sual Basi c Pr ogr ammi ng
Relat ed Convent ions: BPMC 15- 1 Recording Macros, Page 58.
16. Mi scel l aneous
BPMS 16- 1 Aut omat i c Cal cul at i on Set t i ng
A workbook should, where pract ical, be set t o calculat e aut omat ically.
Best Pr act i ce Spr eadsheet Model l i ng Conv ent i ons
There are cur rent ly 67 universally applicable Best Pr act ice Spreadsheet Modelling St andards
and 71 Convent ions, grouping int o t he following Spreadsheet Modelling Areas:
Number Spr eadsheet Model l i ng Ar ea
1 General Concept s
2 Workbook St ruct ur e
3 Sheet St r uct ur e
4 Format s and St yles
5 Assumpt ion Ent ry I nt erfaces
6 Sensit ivit y Analysis
7 Out put s and Pr esent at ions
8 Calculat ion For mulae
9 Naming Principles
10 Time Ser ies Analysis
11 Checks
12 Print ing and Viewing
13 Mult iple Workbooks
14 Secur it y and Prot ect ion
15 Visual Basic Pr ogramming
16 Miscellaneous
The following pages det ail each Best Pr act ice Spreadsheet Modelling Convent ion.
1. Gener al Concept s
BPMC 1- 1 Sheet Ty pes
I t is recommended t hat t he 8 basic sheet t ypes st at ed in BPMS 1- 3 Sheet Cont ent , be furt her
sub- divided int o 10 different sheet t ypes as follows:
a) Cover sheet
b) Cont ent s sheet
i) Time series assumpt ion sheet
ii) Time series out put sheet
f) Blank sheet
i) Blank assumpt ion sheet
ii) Blank out put sheet
g) Lookup sheet
h) Chart sheet
These cat egories are exhaust ive, and should be t he only sheet t ypes required t o develop any
form of workbook.
Relat ed St andards: BPMS 1- 2 Sheet Classificat ion, Page 26.
BPMS 1- 3 Sheet Cont ent , Page 26.
BPMS 1- 4 Sheet Purpose, Page 27.
BPMC 1- 2 Sheet Pur pose I dent i f i cat i on
I t is recommended t hat t he purpose of every sheet in a workbook be ident ified using it s fill
colour propert y as follows:
a) Light grey fill colour for assumpt ion sheet s; and
b) Whit e / No fill colour for out put sheet s.

BPMC 1- 3 Cel l Cont ent I dent i f i cat i on
I t is recommended t hat t he cont ent of every cell in a worksheet be ident ified using it s font
a) Blue font colour for const ant s;
b) Black font colour for formula; and
c) Green font colour for mixed ( combinat ion of const ant and formula) .
Relat ed Convent ions: BPMC 1- 4 Cell Purpose I dent ificat ion, Page 43.
BPMC 1- 4 Cel l Pur pose I dent i f i cat i on
I t is recommended t hat t he purpose of every cell in a worksheet be ident ified using it s fill
a) Whit e / No fill colour for assumpt ion cells on ( grey fill colour) assumpt ion sheet s; and
b) Fill colour t he same as t he fill colour of t he applicable worksheet for out put cells.
Relat ed St andards: BPMS 1- 7 Cell Purpose, Page 27.
BPMC 1- 5 Mi x ed Cel l Ex cept i ons
I t is recommended t hat t he following const ant s be disregarded for t he purposes of classifying
a cell as having mixed cont ent :
a) 1;
b) 0;
c) TRUE; and
d) FALSE.
2. Wor k book St r uct ur e
BPMC 2- 1 Workbook Sect ion St ruct ure
I t is recommended t hat every workbook be st ruct ured consist ent ly t o at least include t he
following sect ions:
a) Cover and Cont ent s;
b) Model Document at ion and Diagrams ( where relevant ) ;
c) Assumpt ions;
d) Out put s;
e) Present at ions ( where relevant ) ; and
f) Appendices ( where relevant ) .
Relat ed St andards: BPMS 2- 2 Workbook Sect ions, Page 28.
BPMS 2- 3 Sect ion Cover Covers, Page 28.
3. Sheet St r uct ur e
BPMC 3- 1 Sheet Cont ent Consi st ency
I t is recommended t hat every sheet of t he same sheet t ype in a workbook consist ent ly apply
t he following propert ies:
a) Sheet t it le st yle and posit ion;
c) Purpose- based format s and st yles;
d) Hyperlink posit ions and st yles;
e) Zoom/ scaling percent age of t he visible and print ed sheet s;
g) Grouping levels; and
h) Window panes/ split s.
Relat ed St andards: BPMS 3- 1 Sheet Tit les, Page 29.
BPMC 3- 2 Hy per l i nk s i n Wor k sheet s
I t is recommended t hat every worksheet , where relevant , cont ain t he following hyperlinks:
a) Sheet left hyperlink ( t o move t o t he worksheet t o t he left ) ;
b) Sheet right hyperlink ( t o move t o t he worksheet t o t he right ) ;
c) Sheet t op hyperlink ( t o move t o t he t op of t he worksheet ) ;
d) Error check hyperlink ( t o move t o t he workbook error checks summary) ;
e) Sensit ivit y check hyperlink ( t o move t o t he workbook sensit ivit y checks summary) ;
f) Alert check hyperlink ( t o move t o t he workbook alert checks summary) .
I t is recommended t hat all of t hese hyperlinks be in view on t he screen at all t imes.
Relat ed St andards: BPMS 2- 6 Workbook Navigat ion, Page 29.
BPMC 3- 3 No Char t Sheet s
To ensure hyperlink access t o all t he sheet s wit hin a workbook, it is recommended t hat
chart s be placed wit hin worksheet s rat her t han using chart sheet s.
This convent ion does not apply t o spreadsheet applicat ions which allow chart sheet s t o
cont ain hyperlinks and t o be specified as t he t arget of hyperlinks.
BPMC 3- 4 Wor k book Cover Sheet Cont ent
I t is recommended t hat t he cover sheet of a workbook cont ain t he following informat ion:
a) The model name;
b) The model developers name and cont act det ails ( if appropriat e) ; and
c) Workbook cover sheet not es.
Relat ed St andards: BPMS 2- 1 Workbook Cover Sheet , Page 28.
Relat ed Convent ions: BPMC 3- 5 Workbook Cover Sheet Not es, Page 46.
BPMC 3- 5 Wor k book Cover Sheet Not es
I t is recommended t hat t he cover sheet of a workbook include provision for not es t hat are in
view and in a consist ent locat ion.
Cover sheet not es should include:
a) A descript ion of t he cont ent s of t he underlying workbook;
b) I nst ruct ions for model users or developers; and/ or
c) Warnings for model users or developer s.
Relat ed St andards: BPMS 2- 1 Workbook Cover Sheet , Page 28.
Relat ed Convent ions: BPMC 3- 4 Workbook Cover Sheet Cont ent , Page 45.
BPMC 3- 6 Sect i on Cover Sheet Cont ent
I t is recommended t hat every sect ion cover sheet in a workbook cont ain t he following
informat ion:
a) A t it le for t he following sect ion;
b) The sect ion number for t he following sect ion;
c) Cover sheet not es; and
d) The model name.
This informat ion should be consist ent ly format t ed and posit ioned on all sect ion cover sheet s
in t he workbook.
Relat ed St andards: BPMS 2- 2 Workbook Sect ions, Page 28.
Relat ed Convent ions: BPMC 3- 7 Sect ion Cover Sheet Not es, Page 46.
BPMC 3- 7 Sect i on Cover Sheet Not es
I t is recommended t hat sect ion cover sheet s wit hin a workbook include provision for not es
t hat are in view and in a consist ent locat ion.
Sect ion cover sheet not es should include:
a) A descript ion of t he cont ent s of t he underlying sect ion;
b) I nst ruct ions for model users or developers; and/ or
c) Warnings for model users or developer s.
Relat ed St andards: BPMS 2- 3 Sect ion Cover Covers, Page 28.
Relat ed Convent ions: BPMC 3- 6 Sect ion Cover Sheet Cont ent , Page 46.
BPMC 3- 8 Li mi t i ng Wor k sheet Dept h
I t is recommended t hat t he number of rows ut ilised on any worksheet be limit ed, where
pract ical, t o what can be seen on t he screen wit hout vert ical scrolling.
I t is recommended t hat t he number of rows ut ilised on any one worksheet be limit ed t o t he
minimum possible. To reduce t he dept h of a worksheet where t here is an unavoidably large
amount of informat ion it is recommended t hat :
a) Rows are grouped and collapsed; or
b) Different t ypes of informat ion be moved t o new worksheet s ( split t ing t he worksheet
informat ion) .
BPMC 3- 9 Fr eezi ng Panes
I t is recommended t hat frozen panes be used on every worksheet in a workbook ( excluding
cover sheet s) t o ensure t hat t he sheet t it le, any hyperlinks, error flags or dat e and t ime t it les
are always in view.
BPMS 3- 1 Sheet Tit les, Page 29.
BPMC 3- 10 Gr oupi ng Level s
I t is recommended t hat rows and columns wit hin t he worksheet s in a workbook be grouped
consist ent ly across all worksheet s t o creat e t he following t hree views:
a) Summary view ( compact ed) ;
b) Print view ( semi- compact ed, if required) ; and
c) Expanded view ( un- compact ed) .
Relat ed St andards: BPMS 3- 2 Sheet Type Consist ency, Page 30.
BPMC 3- 11 Headi ng I ndent at i on
I t is recommended t hat headings wit hin a workbook are consist ent ly indent ed using different
columns t hat visually communicat e t he appropriat e level of emphasis or import ance t hat
should be at t ached t o each heading.
Relat ed St andards: BPMS 3- 2 Sheet Type Consist ency, Page 30.
Relat ed Convent ions: BPMC 3- 1 Sheet Cont ent Consist ency, Page 44.
4. For mat s & St y l es
BPMC 4- 1 Use of Pur pose- Based St y l es
I t is recommended t hat st andardised, purpose based st yles be applied in order t o adopt t he
most efficient met hod of applying different combinat ions of format s and consist ent ly ident ify
and different iat e cell pur pose and cell cont ent .
Relat ed St andards: BPMS 4- 1 Format s and St yles Key, Page 30.
BPMC 4- 2 Cel l Dat a Al i gnment
I t is recommended t hat all dat a wit hin cells or ranges of cells be aligned such t hat different
number format s, including any relevant symbols are perfect ly aligned t o t he right of t he cell
or cell range ( different number format s might include posit ive numbers, negat ive numbers,
currency, percent ages and mult iples) .
Relat ed St andards: BPMS 4- 2 Worksheet Dat a Alignment , Page 31.
BPMC 4- 3 Wor k i n Pr ogr ess I dent i f i cat i on
I t is recommended t hat any cells in a workbook which have not been finalised be coloured in
light yellow fill colour t o visually ident ify t hese cells as being work in progress.
Relat ed St andards: BPMS 4- 6 Work in Progress, Page 31.
BPMC 4- 4 Hy per l i nk For mat s
I t is recommended t hat all hyperlinks in a workbook be consist ent ly format t ed as follows:
a) Bold and underlined font ; and
b) Plum font colour.
Relat ed St andards: BPMS 4- 5 Hyperlink Consist ency, Page 31.
5. Assumpt i on Ent r y I nt er f aces
BPMC 5- 1 Pr event i ng I nval i d Assumpt i on Ent r i es
I t is recommended t hat cont rols, dat a validat ion and sheet prot ect ion be used t o limit t he
scope for model users t o ent er invalid assumpt ions int o assumpt ion sheet s.
Relat ed Convent ions: BPMC 5- 2 Assumpt ion Ent ry I nt erfaces, Page 49.
BPMC 5- 6 Use of Check Box Cont rols, Page 50.
BPMC 5- 7 Use of But t on Cont rols, Page 50.
BPMC 5- 8 Use of Drop Down Box or List Box Cont rols, Page 50.
BPMC 5- 9 Use of Spin But t on or Scroll Bar Cont rols, Page 50.
BPMC 5- 10 Dat a Validat ion, Page 51.
BPMC 5- 2 Assumpt i on Ent r y I nt er f aces
I t is recommended t hat every assumpt ion in a workbook t hat has a finit e number of ent ry
possibilit ies should use an assumpt ion ent ry int erface t hat limit s t he model user t o only t hose
finit e ent ry possibilit ies.
Relat ed Convent ions: BPMC 5- 1 Prevent ing I nvalid Assumpt ion Ent r ies, Page 48.
BPMC 5- 3 Cont rolling Assumpt ion Ent ry I nt erfaces, Page 49.
BPMC 5- 3 Cont r ol l i ng Assumpt i on Ent r y I nt er f aces
I t is recommended t hat combinat ions of t he following t ools be used t o limit assumpt ion ent ry
int erfaces t o finit e possibilit ies:
a) Cont rols;
b) Dat a validat ion;
c) Error checking;
d) Condit ional format t ing; and
e) Sheet prot ect ion.
Relat ed Convent ions: BPMC 5- 2 Assumpt ion Ent ry I nt erfaces, Page 49.
BPMC 5- 6 Use of Check Box Cont rols, Page 50.
BPMC 5- 7 Use of But t on Cont rols, Page 50.
BPMC 5- 8 Use of Drop Down Box or List Box Cont rols, Page 50.
BPMC 5- 9 Use of Spin But t on or Scroll Bar Cont rols, Page 50.
BPMC 5- 4 No Headi ng, Ti t l e or Label Repet i t i on
I t is recommended t hat , where pract ical, no heading, t it le or label t hat is insert ed int o a
workbook be ent ered more t han once. All ident ical headings, t it les and labels t hat are
cont ained in a workbook should be linked t o t he base heading, t it le or label t hat was ent ered.
BPMC 5- 5 Cont r ol Cel l Li nk Range Names
I t is recommended t hat cont rol cell link ranges be named t o indicat e t he t ype of cont rol t o
which t he cell link relat es.
BPMC 5- 2 Assumpt ion Ent ry I nt erfaces, Page 49.
BPMC 5- 6 Use of Check Box Cont r ol s
I t is recommended t hat a check box be used in a workbook when t he assumpt ion ent ry is
binary ( or Boolean) .
BPMC 5- 7 Use of But t on Cont r ol s
I t is recommended t hat a but t on be used in a workbook only when a macro needs t o be
assigned t o a cont rol.
BPMC 5- 8 Use of Dr op Dow n Box or Li st Box Cont r ol s
I t is recommended t hat a drop down box or list box be used in a workbook when t here are a
definit e and limit ed number of possible assumpt ion ent ries.
BPMC 5- 9 Use of Spi n But t on or Scr ol l Bar Cont r ol s
I t is recommended t hat a spin but t on or scroll bar be used in a workbook when an
assumpt ion ent ry is in t he form of a numbered sequence t hat has upper and lower bounds.
BPMC 5- 10 Dat a Val i dat i on
I t is recommended t hat dat a validat ion be used t o:
a) I nform model users about t he assumpt ion ent ries required;
b) Cont rol t he t ype of dat a being ent ered int o assumpt ion cells; and/ or
c) Set t he minimum and maximum bounds of t he assumpt ions t hat are ent ered.
Dat a validat ion should be used when t he t ype of assumpt ion ent r y is known, but t he use of
cont rols is not suit able.
BPMC 5- 11 Condi t i onal For mat t i ng of Assumpt i on Cel l s
I t is recommended t hat condit ional for mat t ing be used t o indicat e t o model users which
assumpt ion cells are inact ive at any point in t ime i. e. not relevant t o out put calculat ions.
BPMC 5- 12 Vi sual I dent i f i cat i on of I nact i ve Assumpt i ons
I t is recommended t hat an assumpt ion cell t hat is current ly irrelevant for out put s as a
consequence of a prevailing assumpt ion in anot her assumpt ion ent ry int erface be visually
ident ifiable as being an inact ive assumpt ion cell using grey fill colour and whit e font colour.
6. Sensi t i v i t y Anal y si s
BPMC 6- 1 Sensi t i vi t y Assumpt i on Ent r y I nt er f ace St r uct ur e
I t is recommended t hat , t o t he ext ent t hat it is pract ical, any sensit ivit y assumpt ion ent ry
int erface in a workbook be st ruct ured consist ent ly wit h it s corresponding base assumpt ion
ent ry int erface.
Relat ed St andards: BPMS 6- 1 Separat e Sensit ivit y Assumpt ion Sheet s, Page 32.
7. Out put s & Pr esent at i ons
BPMC 7- 1 Separ at e Out put Wor k book s
I t is recommended t hat separat e, dedicat ed out put workbooks be creat ed for medium t o
large workbooks or where t he model developer does not want t o divulge cert ain workbook
cont ent t o cert ain model users.
Relat ed St andards: BPMS 7- 1 Segregat ion of Out put s, Page 33.
BPMC 7- 2 Out put Sect i on St r uct ur e
I t is recommended t hat , where pract ical, t he out put sect ions wit hin a workbook be
st ruct ured consist ent ly wit h t heir corresponding assumpt ion sect ions.
Relat ed St andards: BPMS 7- 1 Segregat ion of Out put s, Page 33
BPMC 7- 3 Out put Wor k sheet Summar i es
I t is recommended t hat , where pact ical, a summary of t he primary out put s on each out put
worksheet be provided at t he t op of t he out put worksheet .
I t is recommended t hat an out put worksheet is st ruct ured in t he following order, going down
or across t he worksheet :
a) Out put summary ( primary out put s only) ; t hen
b) Out put calculat ions ( including det ails) .
8. Cal cul at i on For mul ae
BPMC 8- 1 Avoi d Compl ex For mul ae
I t is recommended, where pract ical, t hat complex formulae not be used wit hin a workbook.
BPMC 8- 2 Compl ex For mul ae Schemat i cs
I t is recommended, where pract ical, t hat complex formulae wit hin a workbook be explained
t hrough t he creat ion of formulae schemat ics ( diagrams represent ing formula logic) t hat are
placed in a separat e model schemat ic sect ion of t he workbook.
BPMC 8- 3 Mul t i pl e Funct i on For mul ae
I t is recommended t hat formulae wit hin a workbook t hat cont ain more t han one funct ion be
separat ed wit hin t he formula such t hat each new funct ion is displayed on a separat e line of
t he formula bar.
9. Nami ng Pr i nci pl es
BPMC 9- 1 Wor k book Name Di spl ay
I t is recommended t hat every workbook have a name and t hat t he name correspond wit h t he
file name.
I t is recommended t hat every worksheet in t he workbook displays t he model name ( in
addit ion t o t he sheet t it le) and t hat t he model name is consist ent ly format t ed and locat ed.
Relat ed St andards: BPMS 9- 1 Workbook Naming, Page 34.
BPMC 9- 2 Fi l e Name Vi si bi l i t y
I t is recommended t hat t he file name for every workbook is cont ained wit hin t he header or
foot er of each sheet in t he workbook.
BPMC 9- 3 Sheet Ty pe Nami ng Suf f i x es
I t is recommended t hat t he following suffixes be appended t o sheet t ab names t o indicat e
t he t ype of sheet t hat is being named:
Sheet Ty pe Suf f i x
a) Cover sheet Cover
b) Cont ent s sheet Cont ent s
c) Sect ion cover sheet SC
d) Model schemat ic sheet MS

TA
TO
f) Blank sheet

BA
BO
g) Lookup sheet LU
h) Chart sheet CHT
These suffixes are exhaust ive and, ot her t han secondary sheet naming suffixes, should be
t he only sheet naming suffixes required when naming sheet s.
BPMC 9- 4 Secondar y Sheet Nami ng Suf f i x es
I n addit ion sheet t ype naming suffixes, it is recommended t hat t he following suffixes be
appended t o any sheet t ab names t o indicat e any of t he following sub- classificat ions of t he
sheet :
Sheet Sub- Cl assi f i cat i on Secondar y Suf f i x
a) Model import MI
b) Model export ME
c) Present at ion P
These secondary sheet naming suffixes should be appended prior t o appending t he
applicable sheet t ype naming suffix.
BPMC 9- 5 Sheet Nami ng Key
Where t he sheet naming prefixes or suffixes are used in a workbook, it is recommended t hat
a key or legend t hat explains t he sheet naming prefixes or suffixes also be included in t he
workbook.
Relat ed Convent ions: BPMC 9- 3 Sheet Type Naming Suffixes, Page 53.
BPMC 9- 7 Range Naming Key, Page 54.
BPMC 9- 6 Range Nami ng Pr ef i x es
I t is recommended t hat t he following prefixes be used when naming ranges t o indicat e t he
t ype of range t hat is being named or t he purpose of t hat range:
Range Ty pe Nami ng
Pr ef i x
Range Descr i pt i on / Pur pose
Row Array RA_ Single row, mult iple column, single area array
Column Array CA_ Single column, mult iple row, single area arr ay
Block Array BA_ Single area, mult iple cell, non- row, non- column
array
Mult iple Area Array MAA_ Mult iple area ( includes areas of any t ype)
Base Cell BC_ Single cell base cell ( for OFFSET funct ion
reference, et c)
Lookup Array LU_ Names a Lookup Table Array on a Lookup Sheet
Hyperlink Cell Refer ence HL_ Hyperlink cell r eference
Check Box Cell Link CB_ Check box cell link
Drop Down Box Cell Link DD_ Drop down box cell link
List Box Cell Link LB_ List box cell link
Opt ion But t on Cell Link OB_ Opt ion but t on cell link
Spin But t on Cell Link S_ Spin but t on cell link
Scroll Bar Cell Link SB_ Scroll bar cell link
Residual N/ A Residual cat egory ( i. e. single cell non- base
cells, et c.)
This list of range naming prefixes is exhaust ive, and should be t he only range naming
prefixes required when naming cells, cell ranges or cont rol cell links.
BPMC 9- 7 Range Nami ng Key
Where range naming prefixes are used in a workbook, it is recommended t hat a key or
legend t hat explains t he range naming prefixes also be included in t he workbook.
Relat ed Convent ions: BPMC 9- 5 Sheet Naming Key, Pageon page 53.
BPMC 9- 8 Range Nami ng Conf l i ct s
Where a worksheet range qualifies for more t han one range naming prefix under BPMC 9- 6,
t he prefix derived from t he purpose of t he range should be used when naming t he range, not
t he prefix derived from it s t ype.
Relat ed Convent ions: BPMC 9- 6 Range Naming Prefixes, Page 53.
10. Ti me Ser i es Anal y si s
BPMC 10- 1 Ti me Ser i es Const ant s
I t is recommended t hat every workbook t hat undert akes t ime series analysis cont ains t ime
const ant s ( e. g. mont hs in year, days in week, weeks in year) .
Relat ed St andards: BPMS 10- 1 Time Ser ies Assumpt ions, Page 34.
BPMC 10- 2 No Mi x i ng of Per i odi ci t i es
I t is recommended t hat , where pract ical, a t ime series sheet never cont ains assumpt ions or
out put s for more t han one periodicit y.
Relat ed St andards: BPMS 10- 1 Time Ser ies Assumpt ions, Page 34.
BPMC 10- 3 Mul t i pl e Per i odi ci t i es i n One Wor k book
I t is recommended t hat no sect ion in a t ime series workbook cont ains more t han one
periodicit y.
BPMC 10- 4 Ti me Ser i es Dat a Di r ect i on
I t is recommended, where pract ical, t hat periodicit y labels be posit ioned acr oss rows, not
down columns.
11. Check s
BPMC 11- 1 Li nk i ng Check s t o Model Name Ent r y Cel l
I t is recommended, where relevant , t hat t he out come of t he check t ype summary cell
referred t o in BPMC 11- 4 be linked t o t he model name ent ry cell on t he workbook cover
sheet .
Relat ed St andards: BPMS 11- 8 Check I ndicat or Flag, Page 37.
BPMC 11- 2 Check Cel l Condi t i onal For mat t i ng
I t is recommended t hat every check cell in a workbook be consist ent ly format t ed such t hat ,
when t riggered, t hey appear format t ed as follows:
c) Bold font ; and
d) Red font colour.
Relat ed St andards: BPMS 11- 9 Check Cell Format t ing, Page 37.
BPMC 11- 3 Check Cal cul at i on Locat i on
I t is recommended t hat t he calculat ions for checks be locat ed on t he sheet t o which t he
check is relevant and not on t he associat ed check sheet .
BPMC 11- 4 Check Ty pe Summar y Cel l
I t is recommended t hat t he out come of all checks of each check t ype be summarised int o a
single check cell for each check t ype cont ained wit hin a workbook.
Relat ed Convent ions: BPMC 11- 1 Linking Checks t o Model Name Ent ry Cell, Page 55.
12. Pr i nt i ng and Vi ew i ng
BPMC 12- 1 Wor k book Pr i nt Scal i ng
I t is recommended t hat , where pract ical, t he print scaling for every sheet in a workbook
should be set t o 100%, where possible, t o ensure clarit y and consist ency when print ing and
viewing a print ed copy of t he workbook.
BPMC 12- 2 Pr i nt ed I nf or mat i on
I t is recommended t hat every print ed page include t he following informat ion:
a) The dat e and t ime t hat t he page was print ed;
b) The name of t he workbook;
c) The name of t he sheet ; and
d) The page number.
13. Mul t i pl e Wor k book s
BPMC 13- 1 Wor k book - Speci f i c Model I mpor t and Ex por t Sheet s
I t is recommended t hat , where pract ical, a separat e model import and model export sheet be
creat ed for each ext ernal workbook t hat a workbook links from and t o.
BPMC 13- 2 Model I mpor t and Ex por t Sheet Consi st ency
I t is recommended t hat t he model import sheet in one workbook be st ruct ured in exact ly t he
same way as t he corresponding model export sheet in t he relevant linked workbook.
BPMC 13- 3 No Compl ex For mul ae on Model I mpor t Sheet s
I t is recommended t hat , where pract ical, funct ions not be included wit hin formulae t hat
cont ain links t o ext ernal workbooks.
BPMC 13- 4 Model I mpor t and Ex por t Sect i ons
I t is recommended t hat model import and model export sheet s be placed in separat e,
dedicat ed sect ions of a workbook.
Relat ed St andards: BPMS 13- 1 Ext ernal Workbook I mport s, Page 39
BPMS 13- 2 Ext ernal Workbook Export s, Page 39
BPMC 13- 5 Mul t i pl e Wor k book Di agr ams
I t is recommended t hat whenever t her e are more t han t wo workbooks linked t o each ot her in
a workbook group, t hat a diagram be creat ed wit hin each workbook showing t he links
bet ween t he group of linked workbooks.
14. Secur i t y & Pr ot ect i on
BPMC 14- 1 Wor k book Pr ot ect i on
I t is recommended t hat workbook prot ect ion be used whenever a model developer is
required t o:
a) Cont rol access t o a workbook;
b) Cont rol access t o designat ed sheet s wit hin a workbook; and/ or
c) Prevent st ruct ural changes being made t o a workbook.
BPMC 14- 2 Pr ot ect i on of Non- Assumpt i ons
Securit y and prot ect ion t ools should be used t o ensure t hat only t he assumpt ions
component s of a workbook are capable of manipulat ion by model users.
BPMC 14- 3 Sheet and Cel l Pr ot ect i on
I t is recommended t hat every cell in a workbook t hat is not an assumpt ion cell be prot ect ed
( locked) prior t o dist ribut ion of t he workbook t o model users.
For t his cell prot ect ion t o operat e effect ively, every sheet in t he workbook must be
prot ect ed.
BPMC 14- 4 No Unnecessar y Passw or ds
I t is recommended t hat unless t he model developer does not want model users t o access
cert ain areas of a workbook when prot ect ing a worksheet or workbook, t hat no password be
applied.
BPMC 14- 5 St or i ng Passw or ds
I t is recommended t hat when applying workbook or worksheet pr ot ect ion using passwords,
t hat a password list be print ed and st or ed in a safe locat ion for fut ure reference.
15. Vi sual Basi c Pr ogr ammi ng
BPMC 15- 1 Recor di ng Macr os
I t is recommended t hat only ext remely simple macros be creat ed using t he macro recorder.
Macros creat ed using t he macro recorder should not be relied upon by model developers who
are not familiar wit h t he result ing source code.
Macros should only be writ t en by exper ienced VBE programmers.
16. Mi scel l aneous
BPMC 16- 1 Model Devel oper I dent i f i cat i on
I t is recommended t hat t he name of t he model developer is ent er ed int o t he workbook
( normally on t he cover sheet if applicable) .
BPMC 16- 2 Emphasi si ng I nf or mat i on
I t is recommended t hat you creat e and consist ent ly apply various levels of headings in a
workbook t hat visually communicat e t he appropriat e level of emphasis or import ance t hat
should be at t ached t o each cell or range of cells.
BPMC 16- 3 Hel p Fi l es and I nst r uct i ons
I t is recommended t hat every workbook be accompanied by inst ruct ions t hat explain t he
following for bot h model users and fut ure model developer s:
a) What t he primary out put s are;
b) What t he primary assumpt ions are;
c) How t o use t he workbook or group of workbooks; and
d) Any ot her relevant not es or comment ary.
Spr eadsheet Model l i ng Ar ea 1 Gener al Concept s
Chapt er 1.
General Concept s
1.1. Cl ar i t y of Pur pose
Best pract ice spreadsheet modelling cent res around purposed- based spr eadsheet model
development . Purpose- based spr eadsheet model development refers t o t he development of a
spreadsheet model wit h a clear underst anding of it s underlying purpose at all t imes, and
ensuring t hat t his purpose is clearly communicat ed t o any part y who comes int o cont act wit h
t he spreadsheet model.
Clarit y of purpose should be t he underlying considerat ion at every st age of t he spreadsheet
model development process, and should t herefore be t aken int o account even before t he
spreadsheet model const ruct ion process commences. I n t his regard, t he model developer
must consider:
a) The ult imat e purpose of t he workbook ( or group of linked workbooks) ;
Once underst ood, t he spreadsheet model must t hen be const ruct ed in a way t hat clearly
communicat es t his purpose t o ot her model developers and users of t he model.
BPMS 1- 1 Wor k book Pur pose
The purpose of a workbook should be t he primary consider at ion of a model
developer during every st age of a workbooks development . The purpose of
a workbook can be univer sally segregat ed int o t hree levels as follows:
a) The purpose of t he workbook;
Purpose should always be ascert ained from a model users per spect ive, not a model
developers perspect ive. I t is t he model users t hat will ent er assumpt ions int o t he
spreadsheet model and analyse t he result ing out put , not t he model developer .
For larger spreadsheet models, many workbook const ruct ion decisions will need t o be made
by t he model developer before and dur ing t he model development process. When making
t hese decisions, it is import ant t hat t he purpose( s) of t he spreadsheet model remain t he
primary considerat ion.
These decisions are many and varied and may include areas such as:
a) The separ at ion of different model component s int o several workbooks;
b) The layout of sheet s wit hin a workbook; and
c) The st ruct ure of an assumpt ion ent ry int erface on a worksheet .
The amalgamat ion of t he many fact ors t hat are oft en involved in developing spreadsheet
models can become overwhelming for model developers. This can result in spreadsheet
models t hat lack focus and clarit y of purpose. By focusing on purpose at each st age of t he
development process, t he model developer will develop spreadsheet models t hat fulfil t he
needs of bot h model users and ot her model developers.
The following diagram shows how a model developer may be required t o communicat e
workbook purpose t o a large number of ot her model developers and model users.
Ot h er De v e l o p e r s
Pr i mar y
Dev el oper
Mo d e l Use r s

The import ance and benefit s of clarit y of purpose increase exponent ially wit h t he number of
part ies expect ed t o come int o cont act wit h t he spreadsheet model.
1.2. Pur pose- Based For mat t i ng
The nat ure of spreadsheet s is such t hat it is possible t o represent very large amount s of
informat ion of many different t ypes wit hin a small space ( i. e. sheet s wit hin a workbook) . As
such, t here is considerable scope for bot h model developers and model users t o lose t rack of
all of t he informat ion t hat can be cont ained wit hin a spreadsheet model. I t is t herefore
import ant t hat model developers const ruct spreadsheet models so t hat t he informat ion
cont ained wit hin t hem is efficient ly communicat ed t o model users ( part icularly wit h large
spreadsheet models) .
Best pract ice spreadsheet modelling seeks t o ensure t hat model developers and model users
can int erpret and use t he informat ion wit hin a workbook in t he most efficient manner
possible. This is best achieved t hrough t he use of purpose- based format t ing.
Purpose- based format t ing of workbooks involves t he consist ent use of dist inct format s t o
clearly and logically dist inguish t he different component s of a workbook and it s worksheet
ranges by purpose ( and oft en also by cont ent ) . Hence, t here are t wo main obj ect ives of
purpose- based format t ing:
a) To dist inguish sheet t ypes; and
b) To dist inguish worksheet cell ranges.
Before discussing t he st andards and convent ions relat ing t o t he applicat ion of purpose- based
format t ing t o sheet s and worksheet ranges, it is import ant t o underst and t he concept of
assumpt ions vs. non- assumpt ions.
1.3. Assumpt i on Cl assi f i cat i on
The difference bet ween assumpt ions and non- assumpt ions is t he most crit ical concept when
dist inguishing bet ween sheet t ypes and classifying cells wit hin worksheet s.
The t erm assumpt ion is commonly used t hroughout t he spreadsheet modelling communit y
t o refer t o t he numbers or dat a t hat are ent ered int o a workbook t o form t he basis for t he
workbook calculat ions. However, assumpt ions can t ake any number of forms wit hin a
workbook. An assumpt ion could be a number in a cell, a cont rol, a macro- based dialog box
ent ry, a dat e or even t ext such as headings, labels or names. Furt hermore, t here are many
hard- coded headings, labels, numbers or dat a t hat are ent ered int o a workbook t hat t he
model developer does not int end model users t o modify and would t herefore not be
considered t o be assumpt ions. Hence it is necessary t o define t he t erm assumpt ion t o more
accurat ely reflect it s purpose- based nat ure.
Because assumpt ions are commonly underst ood t o be t he driving force behind t he workbook
calculat ions t hat result in t he out put t hat is required by model users, t he definit ion of
assumpt ions should be based on model users manipulat ing t he driving force behind t he
out put s of a workbook. Therefore an assumpt ion is defined as being:
Anyt hing wit hin a workbook t hat t he model developer int ends t o be manipulat ed by
model users t o affect t he workbook calculat ions.
This definit ion allows for t he idea of t here being t wo t ypes of ent ry int o a workbook, as
follows:
1) Ent ries t hat are int ended t o be manipulat ed by model users ( Assumpt ions) ; and
2) Ent ries t hat are not int ended t o be manipulat ed by model users ( Non- Assumpt ions) .
Hence, t his definit ion of assumpt ions cr eat es t wo exhaust ive t ypes of ent ry int o a workbook:
1) Assumpt ions; and
2) Non- Assumpt ions.
Every component of a spreadsheet model can be cat egorised as eit her an assumpt ion or a
non- assumpt ion, wit h non- assumpt ions commonly being referred t o as simply Out put s.
Base Assumpt i ons vs. Sensi t i vi t y Assumpt i ons
A furt her considerat ion in defining assumpt ions is t hat t he model developer should
different iat e assumpt ions t hat are used t o derive t he base case out put from assumpt ions
t hat are ent ered for t he purposes of sensit ivit y analysis ( discussed in det ail in Spreadsheet
Modelling Area 6. Sensit ivit y Analysis) .
I n accordance wit h t he above definit ion of assumpt ions, bot h forms of ent ry ( base and
sensit ivit y) int o a workbook are assumpt ions, but it is import ant t hat model developers and
model users can clearly different iat e bet ween t hese t wo t ypes of assumpt ions.
These t wo t ypes of assumpt ions are defined as follows:
Base Assumpt ions are assumpt ions t hat are used as a basis for calculat ing base case
out put s ( i. e. out put s t hat do not include t he impact s of sensit ivit y assumpt ions) ; and
Sensit ivit y Assumpt ions ar e assumpt ions t hat supplement or over- writ e base case
assumpt ions t o calculat e sensit ivit y case out put s ( i. e. out put s t hat include t he impact s
of bot h base assumpt ions and sensit ivit y assumpt ions) .
As such, t he t erms base assumpt ions and sensit ivit y assumpt ions should be used t o clearly
dist inguish bet ween t hese t wo t ypes of assumpt ions. This classificat ion is exhaust ive i. e. all
assumpt ions must be classified as eit her base or sensit ivit y in nat ure. A more det ailed
comment ary in relat ion t o sensit ivit y analysis is provided in Chapt er 6. Sensit ivit y Analysis
on page 149.
Assumpt i ons Cl assi f i cat i on Summar y
I t can now be seen t hat t he assumpt ions classificat ion process involves 2 st eps wit h t he
second st ep r equiring t he sub- classificat ion of assumpt ions int o base assumpt ions and
sensit ivit y assumpt ions. This classificat ion process is summarised below in BPMS 1- 5.
BPMS 1- 8 Assumpt i on Cl assi f i cat i on
An assumpt ion is def ined as anyt hing wit hin a workbook t hat is int ended t o
be manipulat ed by model users t o affect out put .
Every assumpt ion in a workbook must be classified as one of t he following
t ypes:
a) Base assumpt ion; or
b) Sensit ivit y assumpt ion.
This classificat ion process should be applied t o every component of every spreadsheet
model.
1.4. Sheet Cl assi f i cat i on
I n t he same way as cells are classified and ident ified so t hat model developer s and users are
provided wit h visual informat ion as t o t heir purpose and cont ent ( see page 67, Cell
Classificat ion) , each sheet wit hin a workbook should also be classified and ident ified as
having a dist inct purpose and cont ent .
The sheet classificat ion is summarised below:
Sheet Cont ent relat es t o t he t ype of informat ion t hat is cont ained wit hin t he sheet ;
Sheet Purpose relat es t o whet her or not assumpt ions will be ent ered int o t he sheet . As
such, every sheet in t he workbook can be classified as having one of t wo mut ually
exclusive and exhaust ive purposes:
1) Cont ains assumpt ions ( Assumpt ion Sheet ) ; or
2) Does not cont ain assumpt ions ( Out put Sheet ) .
The sheet classificat ion process is required by BPMS 1- 6, as st at ed below:
BPMS 1- 2 Sheet Cl assi f i cat i on
The sheet cont ent and sheet purpose of every sheet in a workbook should
be visually ident ifiable at all t imes.
The primary difference bet ween cell classificat ion and sheet classificat ion is t he cont ent -
based cat egorisat ion. Alt hough bot h cells and sheet s are classified as assumpt ions or out put s
( non- assumpt ions) , sheet t ypes are not classified as const ant , formula or mixed according t o
cont ent . I nst ead, t he sheet cont ent classificat ion process result s in t he creat ion of a finit e
number of sheet t ypes ( different iat ed by cont ent ) which should allow for every possible sheet
t hat is ever required t o creat e a spreadsheet model.
Sheet Cont ent
The first st ep in t he sheet classificat ion process is t he det erminat ion of t he cont ent of t he
sheet . The cont ent of a sheet refers t o t he t ype of informat ion t hat it cont ains, wit h an
exhaust ive list provided below in BPMS 1- 7:
BPMS 1- 3 Sheet Cont ent
Every sheet in a workbook should be visually ident ifiable as being one of
t he following sheet t ypes:
a) Cover sheet
b) Cont ent s sheet
f) Blank sheet
g) Lookup sheet
h) Chart sheet
At t he most basic level, any sheet in a workbook can only cont ain a finit e number of different
t ypes of informat ion, from bot h a model developer and model users perspect ive. The
following t able cont ains an exhaust ive list of sheet t ypes designed t o mat ch any basic
cont ent ident ified during t he first st ep of t he sheet classificat ion process
Sheet Ty pe Cont ent / Descr i pt i on
Cover The workbook cover sheet ( see Chapt er 2, Workbook St ruct ur e) .
Cont ent s Cont ains t he workbook Table of Cont ent s.
Sect ion Cover Divides workbook sect ions e. g. Assumpt ions and Out put s sect ions.
Model Schemat ic Cont ains model diagrams and flow char t s.
Time Ser ies Cont ains t ime series t it les for analysing dat a over mult iple t ime series
periods ( see Chapt er 10, Time Series Analysis) .
Blank Residual cat egory.
Lookup Cont ains lookup dat a for use in cont rols/ for ms and in wor ksheet formulae.
Chart Cont ains a single chart as a st andalone sheet .
Not e t hat t he blank sheet t ype has been included as a residual cat egory t o ensure t hat every
sheet in every workbook falls wit hin one of t hese sheet t ypes, t hereby making t he above
cat egories exhaust ive. For more informat ion on st ruct uring different sheet t ypes, see
Chapt er 3, Sheet St ruct ure.
Sheet Pur pose
Following t he det erminat ion of t he cont ent of a sheet , t he model developer must t hen
det ermine t he purpose of t he sheet . I n t his regard, sheet purpose refers t o whet her or not
t he sheet is an assumpt ion sheet or a non- assumpt ions sheet ( also referred t o as an out put
sheet ) .
BPMS 1- 4 Sheet Pur pose
Every sheet in a workbook should have t he purpose of eit her collect ing
assumpt ions or not collect ing assumpt ions.
Hence, every sheet in a workbook should be visually ident ifiable as having
one of t he following sheet purposes:
a) Assumpt ion sheet ; or
b) Out put sheet .
Hence, every sheet in a workbook can be classified as eit her an assumpt ion sheet or non-
assumpt ion sheet ( i. e. out put sheet ) . I n t he same way as each cell is classified as eit her an
assumpt ion cell or non- assumpt ion cell, assumpt ion sheet s are sheet s t hat cont ain one or
more assumpt ions, while all ot her sheet s are by default non- assumpt ion/ out put sheet s.
I n t his way, assumpt ions should always be locat ed on visually ident ifiable assumpt ion sheet s
and non- assumpt ions/ out put s should always be locat ed on visually ident ifiable non-
assumpt ion/ out put sheet s. By clearly segregat ing t hese t wo t ypes of sheet s, t he
assumpt ions and non- assumpt ions wit hin a workbook will always be clearly separat ed and
dist inguishable t o model users.
Assumpt ion sheet s should not cont ain unnecessary out put cells ( i. e. ot her t han simple t ot als
and calculat ions required t o assist in t he assumpt ion ent ry process) and out put sheet s should
never cont ain any assumpt ion cells.
Def i ned Sheet Ty pes
Aft er t aking int o account t he cont ent and purpose of a sheet , BPMC 1- 1 recommends t hat
each sheet in a workbook should be classified as one of t he following defined sheet t ypes
which t ake int o account bot h of t hese considerat ions:
BPMC 1- 1 Sheet Ty pes
I t is recommended t hat t he 8 basic sheet t ypes st at ed in BPMS 1- 3 Sheet
Cont ent , be fur t her sub- divided int o 10 differ ent sheet t ypes as follows:
a) Cover sheet
b) Cont ent s sheet
e) Time series assumpt ion sheet
f) Time series out put sheet
g) Blank assumpt ion sheet
h) Blank out put sheet
i) Lookup sheet
j ) Chart sheet
These cat egor ies are exhaust ive, and should be t he only sheet t ypes
requir ed t o develop any form of workbook.
Not e t hat t his convent ion allows for t he sub- division of t ime series sheet s and blank sheet s
( required by BPMS 1- 3) int o assumpt ion and out put versions of each of t hese sheet t ypes,
but t his is not t he case for ot her sheet t ypes which do not support t he ent ering of
assumpt ions. The ult imat e result of t he sheet t ype cat egorisat ion process is summarised in
t he t able below:
Sheet Ty pe Assumpt i ons Non- Assumpt i on ( Out put )
Cover N/ A Cover Sheet
Cont ent s N/ A Cont ent s Sheet
Sect ion Cover N/ A Sect ion Cover Sheet
Model Schemat ic N/ A Model Schemat ic Sheet
Time Ser ies Time Ser ies Assumpt ion Sheet Time Ser ies Out put Sheet
Blank Blank Assumpt ion Sheet Blank Out put Sheet
Lookup N/ A Lookup Sheet
Chart N/ A Chart Sheet
Sheet Cl assi f i cat i on - Summar y
A summary of t he sheet classificat ion process is provided in t he diagram below:
Wh i ch Sh e e t ?
Sect ion Cover Sect ion Cover Sheet
1 . Sh e e t Co n t e n t
Model Schemat ic
2 . Sh e e t Pu r p o se
Cover Cover Sheet
Cont ent s Cont ent s Sheet
Model Schemat ic Sheet
Time Ser ies Assumpt ion Sheet
Time Ser ies
Time Ser ies Out put Sheet
Lookup Lookup Sheet
Blank Out put Sheet
Blank
Blank Assumpt ion Sheet
Char t Char t Sheet

This t wo st ep process should be undert aken every t ime a new sheet is added t o a workbook,
wit h t he appropriat e purpose- based for mat t ing t hen applied t o t he sheet t o indicat e t he
classificat ion t hat has been made ( see 1. 5 Sheet I dent ificat ion) .
1.5. Sheet I dent i f i cat i on
Following t he complet ion of t he sheet classificat ion process, t he model developer must t hen
communicat e t his informat ion about t he sheet t o ot her model developers and model users.
This is done t hrough t he consist ent use of purpose- based sheet format t ing.
I dent i f y i ng Sheet Pur pose Fi l l Col our s
Purpose- based sheet format t ing is achieved t hrough t he use of colour- coding t o
communicat e t he purpose of each sheet in a workbook. For sheet ident ificat ion, it is
recommended t hat colour- coding is applied t o t he fill colour ( i. e. t he background colour) of
sheet s t o clearly dist inguish assumpt ion sheet s from out put sheet s. There ar e t wo main
reasons for t he recommended use of fill colouring in t his way:
1) Assumpt ion sheet s and out put sheet s can immediat ely be dist inguished; and
2) Assumpt ion cells can immediat ely be dist inguished on assumpt ions sheet s because
t hey will have a different fill colour t han t he fill colour of t he sheet it self.
Colour- coding of sheet s based on purpose needs t o be used in conj unct ion wit h t he colour-
coding of cells wit hin t hose sheet s in order t o achieve effect ive purpose- based format t ing.
Failing t o use bot h of t hese syst ems t oget her will not result in a best pract ice spreadsheet
model because assumpt ion sheet s and cells will not clearly be different iat ed from out put
sheet s and non- assumpt ion cells.
The recommended colours t o be used t o different iat ing assumpt ion and non- assumpt ion
sheet s are st at ed in BPMC 1- 2 below:
BPMC 1- 2 Sheet Pur pose I dent i f i cat i on
I t is recommended t hat t he purpose of ever y sheet in a workbook be
ident ified using it s fill colour propert y as follows:
a) Light grey fill colour for assumpt ion sheet s; and
b) Whit e / No fill colour for out put sheet s.
Alt hough t here are eight different pot ent ial sheet t ypes list ed in BPMS 1- 3 ( alt hough it is
recommended t hat t his be sub- divided int o 10 sheet t ypes in BPMC 1- 1, Sheet Types) , only
t he purpose of each sheet needs t o be dist inguished using fill colours when applying
purpose- based format t ing i. e. only t he assumpt ion or out put purpose of t he sheet need be
ident ified. This is because from a model user' s perspect ive, assumpt ion sheet s require dat a
t o be ent er ed whist out put ( i. e. all ot her) sheet s provide calculat ions and out put analysis
from t he model and t herefore t his fundament al difference in sheet purpose must be clearly
communicat ed.
As st at ed above in BPMC 1- 2, t he following colours are recommended t o dist inguish
assumpt ion sheet s from out put ( non- assumpt ion) sheet s:
Sheet Pur pose Recommended Fi l l Col our Col our Name
Assumpt ion Light Grey Assumpt ion Gr ey
Out put Whit e / No Fill N/ A ( None)
Hence, it is recommended t hat out put sheet s ( including chart sheet s) always have a whit e
background/ fill colour ( usually t he default fill colour of newly insert ed sheet s) while
assumpt ion sheet s always have a light grey ( grey- 25% wit h an RGB combinat ion of 192 192
192 is recommended) background/ fill colour.
Bringing t oget her t he cell and sheet classificat ion St andards and Convent ions, creat es a
visual dict ionary for spreadsheet models. As such, bot h model developers and model users
will be able t o efficient ly int erpret and underst and fundament al informat ion regarding
spreadsheet model cont ent and purpose.
A summary of t he sheet cont ent and purpose cat egorisat ion process based on t he
recommended modelling colours is provided below. Not e t hat t he only difference bet ween t he
assumpt ion and out put version of each sheet t ype is t he applicat ion of assumpt ion grey fill /
background colour t o t he assumpt ion version:
Fi l l Co l o r Ke y :
Wh i ch Sh e e t ?
1 . Sh e e t Co n t e n t
Model Schemat ic
2 . Sh e e t Pu r p o se
Cover Cover Sheet
Model Schemat ic Sheet
Time Ser ies Assumpt ion Sheet
Time Ser ies
Lookup Lookup Sheet
Blank Out put Sheet
Blank
Char t Char t Sheet
Ou t p u t Sh e e t Assu m p t i o n Sh e e t

For more informat ion and examples of t he st ruct uring and present at ion of t he different sheet
t ypes, see Chapt er 3, Sheet St ruct ure.
1.6. Cel l Cl assi f i cat i on
Worksheet ranges and t he cells which const it ut e t hem are t he heart and soul of a
spreadsheet model. They collect assumpt ions, perform det ailed calculat ions and present
st ruct ured out put t o model users. However, due t o t he fact t hat t he values displayed in t he
cells of a worksheet do not always indicat e t he cont ent s of t he underlying cells ( i. e. a large
formula may simply ret urn t he value 100. 0) , worksheet ranges are t he also t he most
common source of confusion and errors on behalf of bot h model developers and model users.
The best way t o minimise t he pot ent ial confusion creat ed by worksheet ranges is t o logically
classify each cell wit hin each non- empt y worksheet range according t o it s cont ent and
purpose ( see below) and ensure t hat t he out come of t his classificat ion process is
communicat ed t o ot her model developers and model users. As discussed below in 1. 7 Cell
I dent ificat ion, t he communicat ion of t he out come of t his classificat ion process is achieved
t hrough t he use of specific purpose- based format t ing.
Cell classificat ion is a 2- st ep process involving t he examinat ion of t he cont ent and purpose of
each cell. When undert aking t his process, underst anding t he difference bet ween t he cont ent
and t he purpose of a cell is fundament al. These concept s have been summarised below:
Cel l Cont ent relat es t o t he t ype of informat ion or dat a t hat is cont ained wit hin a cell
( or range of cells) . As such, every cell in a workbook can be classified as having one of
t hree mut ually- exclusive t ypes of cell cont ent :
1) Const ant hard- coded dat a;
2) Formula pure formula ( out put calculat ions) ; or
3) Mixed a combinat ion of formula ( out put ) and har d- coded dat a ( const ant ) .
Cel l Pur pose relat es t o whet her or not t he model developer int ends model users t o
modify t he cell. As such, every cell in t he workbook can be classified as having one of
t wo mut ually exclusive cell purposes:
1) Assumpt ion int ended t o be changed by model users; or
2) Non- Assumpt ion not int ended t o be changed by model users.
The cell classificat ion st andard is art iculat ed below in BPMS 1- 5:
BPMS 1- 5 Cel l Cl assi f i cat i on
The cell cont ent and cell purpose of every cell in every worksheet should be
visually ident ifiable at all t imes.
Underst anding t he difference bet ween cell cont ent and cell purpose and t he communicat ion
of t his underst anding t o ot her model developers and users is fundament al t o purpose- based
modelling.
Cel l Cont ent
The first st ep in t he cell classificat ion process is t he det erminat ion of t he cont ent of t he cell.
The cont ent of a cell refers t o t he t ype of dat a t hat it cont ains, where t he t er m t ype can be
defined in many different ways. For spreadsheet modelling purposes, t he most import ant
informat ion t hat bot h a model developer and model user require in t erms of t he t ype of
dat a cont ained wit hin a cell is whet her or not t he cell cont ains a const ant ( i. e. a hard- coded
t ext or value) or a formula. This informat ion provides model developers and model users
wit h t he abilit y t o ident ify where hard- coded ent ries have been made and where calculat ions
are producing out put wit hin a workbook, and should be made visually ident ifiable as per
BPMS 1- 6 below:
BPMS 1- 6 Cel l Cont ent
Every cell in every worksheet should be visually ident ifiable as cont aining
one of t he following cont ent t ypes:
a) Const ant ;
b) Formula; or
c) Mixed ( combinat ion of const ant and for mula) .
As st at ed above in BPMS 1- 6, every non- empt y cell in a workbook must cont ain const ant ,
formula or mixed cont ent . The following t able furt her explains t hese t hree exhaust ive cell
cont ent t ypes and provides some simple examples:
Cel l Cont ent s Ex ampl es
Const ant Hard- coded, non- formula t ext
or values of any dat a t ype.
100 Operat ing Cost s
For mul a Formulae purely referencing
ot her worksheet ranges /
names.
= A1 + $A$2 = Range_Name* A1
Mi x ed Cel l A mixt ure of const ant s and
formulas.
= Case &A1 = I F( A1= 1, Debt , Equit y )
The only discret ion which t he model developer may be required t o use when cat egorising a
cell by it s cont ent is in relat ion t o t he mixed cont ent t ype. While most cont ent which cannot
be classified as non- const ant or non- formula cont ent is clearly mixed cont ent ( such as t he
examples in t he above t able, which demonst rat e st ring const ant s being concat enat ed wit h
precedent range references) , some cont ent will be so close t o being pure formula t hat mixed
cat egorisat ion may seem unnecessary e. g. where t he formula in t he cell refers t o a count er
( i. e. = I F( A1= 1, A2, A3) ) . I n t his example, t he number 1 is const ant cont ent while t he
remainder of t he cell cont ent is pure formula cell cont ent . I n such a case, t he model
developer should assess t he pot ent ial risks involved in not ident ifying t he cell as cont aining
mixed cont ent and cat egor ise t he cell accordingly. Generally, erring on t he side of
conservat ism is recommended i. e. if t he const ant component of t he cell cont ent embedded
wit hin a formula cont ent appear s t o be a non- generic reference, a mixed classificat ion should
be made.
Hence, BPMC 1- 5 provides some recommended mixed cell except ions which are designed t o
prevent t he over- use of mixed cont ent format t ing ( discussed below in Cell I dent ificat ion) :
BPMC 1- 5 Mi x ed Cel l Ex cept i ons
I t is recommended t hat t he following const ant s be disregar ded for t he
purposes of classifying a cell as having mixed cont ent :
a) 1;
b) 0;
c) TRUE; and
d) FALSE.
Cel l Pur pose
Following t he det erminat ion of t he cont ent of a cell, t he model developer must t hen
det ermine t he purpose of t he cell. The purpose of a cell refers t o whet her or not t he cell is an
assumpt ion cell or a non- assumpt ions cell, as st at ed in BPMA 1- 7:
BPMS 1- 7 Cel l Pur pose
Every cell in every worksheet should have t he purpose of eit her collect ing
assumpt ions or not collect ing assumpt ions.
Hence, every cell in every worksheet should be visually ident ifiable as
having one of t he following cell purposes:
a) Assumpt ion cell; or
b) Out put cell.
As discussed in 1. 3 Assumpt ion Classificat ion, t he classificat ion of a cell is det ermined by
whet her it is int ended t o be manipulat ed by model users. Hence, every non- empt y cell in a
workbook can be cat egorised as one of t he following t wo alt ernat ives:
Assumpt ion cells are int ended t o be manipulat ed/ changed by model users when using
t he model; and
Non- assumpt ion cells are not int ended t o be manipulat ed/ changed by model users
when using t he model.
The sub- cat egorisat ion of assumpt ions cells int o base assumpt ion cells and sensit ivit y
assumpt ions cells may also be required ( as discussed in 1. 3 Assumpt ion Classificat ion) , but
t his sub- cat egorisat ion is only relevant when segregat ing assumpt ions ( see 2. 1 Purpose-
Based Workbook St ruct ure) because all assumpt ions should be format t ed consist ent ly
t hroughout a workbook.
Not e t hat as a result of t he fact t hat assumpt ion cells are int ended t o be manipulat ed by
model users, assumpt ion cells should always cont ain const ant cell cont ent i. e. a model user
should never be allowed t o manipulat e formulae wit hin cells. This requirement is st at ed in
BPMS 1- 9 below:
BPMS 1- 9 Assumpt i on Cel l Cont ent
Every assumpt ion cell in ever y worksheet should cont ain const ant cell
cont ent .
Cel l Cl assi f i cat i on - Summar y
A summary of t he cell classificat ion process is provided in t he diagram below:

Non- Assumpt ion
Non- Assumpt ion
1 . Ce l l Co n t e n t 2 . Ce l l Pu r p o se
Const ant
Assumpt ion
Non- Assumpt ion
Wh i ch Ce l l Ty p e ? For mula
Mixed

This t wo st ep process should be undert aken every t ime an ent ry is made int o a worksheet
range, wit h t he appropriat e purpose- based format t ing t hen applied t o t he range t o indicat e
t he classificat ion made ( see 1. 7 Cell I dent ificat ion below) . The following Venn diagram shows
every possible cell t ype t hat can exist in a workbook, allowing for bot h cell cont ent and cell
purpose:
Mi x e d
Assu m p t i o n s
Co n st a n t s Fo r m u l a

There are t wo import ant point s t o not e in t he above diagram:
a) Assumpt ion cells must have const ant cell cont ent ; and
b) Cells wit h mixed or formula cell cont ent cannot be assumpt ions.
The concept s of const ant , formula, and mixed cell cont ent and assumpt ions vs. non-
assumpt ions are crit ical for a model developer t o underst and because t hey form t he basis for
purpose- based workbook development . I t is for t his reason t hat t hey are referred t o
ext ensively t hroughout t hese st andar ds and convent ions.
1.7. Cel l I dent i f i cat i on
Following t he complet ion of t he cell classificat ion process, t he model developer must t hen
communicat e t his informat ion about t he cell t o ot her model developers and model users.
This is done t hrough t he consist ent use of purpose- based cell format t ing.
Purpose- based cell format t ing is achieved primarily t hrough t he cont rolled and consist ent use
of colours ( referred t o as colour- coding) t o communicat e t he cont ent and pur pose of each
non- empt y cell in a workbook. For cell ident ificat ion, colour- coding is applied t o bot h t he font
and fill colour propert ies of each cell.
The colours recommended in t hese st andards are based upon t he ext ensive experience of
t he spreadsheet model developers and users t hat sit on t he Spreadsheet St andards Review
Board and a review of many spreadsheet models in t he business communit y. As such, t he
colour- coding convent ions in t hese st andards t ake int o account exist ing common pract ices
wit hin t he spreadsheet modelling communit y. Alt hough it is not necessary t o follow t he
colour coding- rules recommended in t hese convent ions, doing so prevent s t he need t o
explain a cust omised appr oach t o ot her model developers and users who are familiar wit h
t hese st andards, and will t herefore oft en result in significant reduct ions in model
development and explanat ion t ime.
I t is import ant t o not e t hat purpose- based format t ing does not govern t he const ruct ion of
out put present at ion mat erials ( such as chart s and schemat ic diagrams) which will normally
be format t ed according t o personal or corporat e pr eferences. This can be cont rast ed wit h t he
const ruct ion of t he non- present at ion component s of t he spreadsheet model, where it is
fundament al t o best pract ice t hat purpose- based for mat t ing be applied t o visibly
communicat e informat ion about t he spr eadsheet model t hat is fundament al t o t he
spreadsheet model' s underlying purpose.
I dent i f y i ng Cel l Cont ent Font Col our s
I t is recommended t hat t he ident ificat ion of t he cont ent of each cell in a workbook be
achieved t hrough t he consist ent use of defined font colours t o dist inguish const ant , formula
and mixed cells. The colours recommended by st andards are set out in BPMC 1- 3 below:
BPMC 1- 3 Cel l Cont ent I dent i f i cat i on
I t is recommended t hat t he cont ent of every cell in a worksheet be
ident ified using it s font colour propert y as follows:
a) Blue font colour for const ant s;
b) Black font colour for formula; and
c) Green font colour for mixed ( combinat ion of const ant and formula) .
I n addit ion t o t he t hree main recommended cell cont ent colours, t he st andards recommend
t he consist ent use of font colouring for ot her recommended st ruct ural cont ent such as
hyperlinks ( discussed in Chapt er 2 Wor kbook St ruct ure) and checks ( discussed in Chapt er 11
Checks) .
The following t able summarises all of t he recommended font colours t o be used for
ident ifying t he cont ent of each cell t ype wit hin a workbook, including references t o hyperlinks
and checks:
Cel l Ty pe Recommended Font Col our
Const ant Blue
Formula Black / Aut omat ic
Mixed Green
Hyperlink Plum
Check Red
These colours are referenced t hroughout t he comment ary in t hese st andards and
convent ions, oft en by cell t ype rat her t han colour e. g. const ant font colour, check cell
colour, et c.
Hyperlink has been included as a separ at e font colour t hat can be used t o ident ify hyperlinks
t hroughout a workbook. As discussed in 2. 4 Workbook Navigat ion / Hyperlinks, hyperlinks
are crit ical t o t he user- friendliness of a large spreadsheet model. The ease of ident ificat ion of
hyperlinks is also very import ant t o ensure t he efficient navigat ion around t he workbook. For
t his reason, it is recommended t hat an ent irely different colour ( i. e. Hyperlink Plum) be used
t o clearly ident ify all hyperlinks in a workbook.
The second addit ional font colour, check, has been included in t he t able as a result of t he
import ance of using a st and- out font colour t o indicat e t o model users and ot her model
developers when errors, sensit ivit ies and alert s have been det ect ed in a spreadsheet model.
This font colour has not been included in BPMC 1- 3 above because it will normally be applied
t o a cell as a condit ional format rat her t han a full t ime font colour i. e. t he font colour of a
cell will only become check red when an error is det ect ed wit hin t he cell. Using check red
font colour in t his way is a fundament al part of a best pract ice robust checks syst em, which
is discussed in det ail in Chapt er 11 Error Checks.
The following t able shows t he applicat ion of t he recommended modelling colours t o cells on
an out put sheet , showing bot h t he normal screen view and t he cont ent s of t he cells ( wit h
gridlines shown t o highlight t he cells) :
Nor mal Vi ew : Show i ng Cel l Cont ent s:
100. 0 Out put
Mixed 1
Hyper link

100 = M10
= I F(M10= N10, "Mixed", "") = I F( ROUND( M10- N10,5) < > 0,1,0)
Hyper link

Not e t he check cell ret urning 1 in t he above example, format t ed wit h check red font color
and bold font . This cell would act ually be format t ed in mixed font colour ( because it cont ains
t he const ant 5 wit hin it s formula) , but appear s as bold check red as a result of t he
applicat ion of condit ional format t ing which has been t riggered by t he non- zero value wit hin
t his check cell result ing from t he I F st at ement shown on t he right . This is a classic example
of a check flag cell, which are discussed in det ail in Chapt er 11 Err or Checks.
I dent i f y i ng Cel l Pur pose Fi l l Col our s
I t is recommended t hat t he ident ificat ion of t he purpose of each cell in a workbook be
achieved t hrough t he consist ent use of defined fill colours t o dist inguish assumpt ion cells
from non- assumpt ion cells. This should be done in conj unct ion wit h t he sheet purpose
ident ificat ion principles enunciat ed in BPMC 1- 2, wit h t he recommended colours being
provided by BPMC 1- 4 below:
BPMC 1- 4 Cel l Pur pose I dent i f i cat i on
I t is recommended t hat t he purpose of ever y cell in a worksheet be
ident ified using it s fill colour propert y as follows:
a) Whit e / No fill colour for assumpt ion cells on ( grey fill colour)
assumpt ion sheet s; and
b) Fill colour t he same as t he fill colour of t he applicable worksheet for
out put cells.
By ut ilising t his convent ion t o govern t he ident ificat ion of cell purpose, every cell in a
workbook will be immediat ely ident ifiable as being eit her an assumpt ion cell or a non-
assumpt ion Cell. Not e t hat base assumpt ion cells and sensit ivit y assumpt ion cells are not
format t ed different ly because according t o BPMS 6- 3, t hese cells will always be placed in
separat e assumpt ion ent ry int erfaces wit hin a workbook and will t herefore never be
confused.
Non- assumpt ions cells will be referred t o t hroughout t hese st andards as an out put cells,
because t he purpose of t hese cells is t o provide model users wit h out put informat ion. This
t erminology should not be confused wit h t he out put cell cont ent t ype alt hough it is
consist ent because assumpt ions cells should never cont ain out put or mixed cell cont ent .
I n addit ion t o t he t wo primary fill colours art iculat ed in BPMC 1- 4 above, it is also
recommended t hat a work in progress fill colour be used t o ident ify cells t hat have not yet
been finalised. This fill colour is not included in t his convent ion because a complet ed
workbook would not cont ain any work in progress cells. For more informat ion regarding t his
fill t ype, see page 127 of t he Format s and St yles Chapt er of t his book.
The following t able summarises all of t he recommended fill colours t o be used for ident ifying
t he purpose of each cell wit hin a workbook:
Cel l Ty pe Recommended Fi l l Col our
Assumpt ion Whit e
Out put ( Non- Assumpt ion) No Fill
Work in Progress Yellow
Hence, assumpt ions cells should always have a whit e background which, when format t ed in
t his way on an assumpt ions sheet ( which are recommended t o have a grey background by
BPMC 1- 1 see page 87, Sheet Types, for t he relevant sheet st andards) will ensure t hat
assumpt ions cells are clearly dist inguishable from non- assumpt ions cells at all t imes.
Not e import ant ly t hat work in progress ranges coloured in Work I n Progress ( yellow) fill
colour will be dist inguishable on bot h assumpt ions sheet s ( gr ey background) and out put
sheet s ( whit e background) .
A summary of t he cell cont ent and pur pose cat egorisat ion process based on t he
recommended modelling colours ( excluding t he recommended check font colour, which is
discussed in det ail in t he Chapt er 11 Error Checks on page 200) is provided below. Not e t hat
a grey border has been included around t he assumpt ions cell t o indicat e t hat t his cell would
appear whit e on a grey ( assumpt ion sheet ) background:
Non- Assumpt ion
Non- Assumpt ion
1 . Ce l l Co n t e n t 2 . Ce l l Pu r p o se
Const ant
Assumpt ion
Non- Assumpt ion
Wh i ch Ce l l Ty p e ? For mula
Mixed

Cel l I dent i f i cat i on Ex ampl es
The following image shows t he applicat ion of t he recommended modelling colours t o bot h
assumpt ion cells and non- assumpt ions cells on an assumpt ions sheet ( not e t he grey
background / fill colour applied t o t he assumpt ion sheet s - see page 87 for t he relevant
Sheet Type St andards) :
Assumpt i on Sheet
Cel l Cont ent & Pur pose I dent i f i cat i on
Const ant (Non-Assumpt ion)
Const ant (Assumpt ion)
Out put
Mixed
Er r or ( Non- Assumpt ion)
Er r or ! ( Assumpt ion)
Work I n Progress (Non-Assumpt ion)
Work I n Progress (Assumpt ion)
Hyper link

Not e t hat no example has been provided of out put or mixed assumpt ion cells, because
assumpt ion cells should always be const ant s ( see BPMS 1- 9 Assumpt ion Cell Cont ent ) . Not e
also t he inclusion of check, work in progress and hyperlink cells t o demonst rat e how t hese
cells appear in cont ract t o normal assumpt ion and non- assumpt ion cells. These concept s are
discussed furt her lat er in t his book.
The following example shows a more meaningful applicat ion of t he recommended modelling
colours t o an assumpt ion sheet ( t op left ) and a relat ed out put sheet ( bot t om r ight ) t his
t ime wit h t he out put sheet gridlines hidden t o improve t he clarit y of t he present at ion:
Assumpt i on Sheet
Business Name: My Business P/ L
2010 (A) Sales: $100. 0
Annual Growt h Rat e (%): 2. 50%

( Ti me Ser i es) Out put Sheet
Sales Pr oj ect ions f or My Business P/ L
Year Ending 31 December 2010 ( A) 2011 ( A) 2012 ( A)
Sales ($) $100. 0 $102. 5 $105. 1
Annual Growt h Rat e (%): 2. 50% 2. 50%

Not e in t his simple example:
The assumpt ion sheet fill colour ( grey) compared wit h t he out put sheet fill colour
( whit e) ;
Assumpt ion cells are clearly dist inguished by t heir whit e fill colour on t he assumpt ions
sheet grey background;
The use of mixed ( green) font colour t o indicat e t hat cells cont ain mixed cont ent i. e.
t he cell reading Sales Proj ect ions for My Business P/ L cont ains a formula which
concat enat es t he t ext Sales Proj ect ions for wit h t he Business Name assumpt ion
from t he assumpt ions sheet ( i. e. My Business. P/ L) .
Alt hough t he above example is very simple, it can be used as a basis for underst anding t he
colour- coding of cell font and fill colours t hat is required t o effect ively implement purpose-
based modelling. These concept s should be applied wit hout compromise t o every cell of
every worksheet in every best pract ice spreadsheet model.
Spr eadsheet Model l i ng Ar ea 2 Wor k book St r uct ur e
Chapt er 2.
Workbook St ruct ure
2.1. Pur pose- Based Wor k book St r uct ur e
Best pract ice workbook st ruct uring cent res around developing purpose- based workbooks.
Purpose- based workbook development refers t o t he development of a workbook wit h a clear
underst anding of it s underlying purpose and t he underlying purpose of each component
wit hin t he workbook. Similar t o t he use of purpose- based format t ing t o ident ify sheet s and
cells, t his underst anding must be clearly communicat ed t o model users and ot her model
developers.
I n st ruct uring a workbook a model developer will make many decisions which may include:
a) How t o st ruct ure and segr egat e t he overall cont ent of t he workbook;
b) How t o break t he workbook int o logical sect ions;
c) How t o order t he sheet s in t he workbook;
d) How t o lay out t he cont ent s of each sheet ; and
e) How t o navigat e t he workbook.
By focusing on t he purpose of t he workbook when making t hese decisions and any ot her
decision associat ed wit h t he workbook st ruct ure, t he model developer can const ruct a
workbook t hat meet s t he needs of bot h model users and ot her model developers.
The st andar ds and convent ions cont ained wit hin t his chapt er are designed t o assist t he
model developer in creat ing best pr act ice workbooks. For more informat ion relat ing t o t he
st ruct uring of specific sheet t ypes, see Chapt er 3, Sheet St ruct ure.
2.2. Cov er Sheet s
Cover sheet s are worksheet s t hat are included in a spreadsheet model for t wo primary
reasons:
a) To provide a workbook cover; and
b) To segr egat e t he sect ions ( and possibly sub- sect ions) wit hin t he workbook ( See 2. 3
Workbook Sect ions for furt her informat ion on sect ionalising) .
Cover sheet s should never cont ain assumpt ions or det ailed out put calculat ions. They are
int ended t o be used t o creat e and support a clear workbook st ruct ure and convey
informat ion about t he underlying spreadsheet model ( or sect ion or sub- sect ion) which is t oo
import ant t o leave embedded wit hin t he non- cover sheet det ail. They are also used t o
convey informat ion about t he underlying model ( for a workbook cover sheet ) or sect ion ( for
a sect ion cover sheet ) t o model users.
Wor k book Cover Sheet
As discussed in Chapt er 1, a workbook cover sheet is a sheet which, if included in a
spreadsheet model, will be t he first sheet in t he workbook and cont ain informat ion relevant
t o t he ent ire model i. e. workbook informat ion.
A workbook cover sheet should be included in every mult i- sheet spreadsheet model and
should always be in view when t he model is first present ed t o ot her model developers or
model users i. e. when t he workbook is first opened. Just like a book may only have one
cover, a workbook may only ever have one workbook cover sheet .
BPMS 2- 1 Wor k book Cov er Sheet
Every workbook t hat cont ains more t han one sheet should cont ain a
separat e cover sheet as t he first sheet in t he workbook.
As well as providing a print er- friendly cover page t o t he spreadsheet model, t he workbook
cover sheet is t he ideal sheet on which t o include import ant informat ion about t he model for
ot her model developers and users. This general informat ion ( e. g. t he model name, model
developer cont act det ails, a disclaimer, et c) can t hen be referenced by formula from any
ot her worksheet in t he spreadsheet model t o ensure consist ency.
I ncluding a dedicat ed wor kbook cover sheet in every workbook provides:
a) A cent ral int erface t o ent er a clear model name and t it le;
b) A locat ion t o ent er t he subj ect and purpose of t he workbook;
c) A focal point t o ent er general not es or comment s;
d) Model users wit h clarit y regarding t he purpose of t he workbook; and
e) A book st yle cover page for model print ing and viewing purposes.
The workbook cover sheet provides t he model developer wit h an int erface t hrough which
general informat ion about t he underlying spreadsheet model can be conveyed t o ot her model
developers and model users in a user- friendly way. Because ever y part y who comes in
cont act wit h t he model will view t he workbook cover sheet , it is a much safer place t o convey
t his informat ion t han wit hin t he workbook file name or propert ies, which some part ies may
not view or underst and pr operly. An example of a workbook cover sheet has been provided
at 3. 7 Sample Sheet Layout s.
2.3. Wor k book Sect i ons
The exist ence of sect ion cover sheet s ( and pot ent ially sub- sect ion cover sheet s) makes it
very easy t o segregat e t he areas of a spreadsheet model int o sect ions and sub- sect ions and
clearly dist inguish t hese areas. Best pr act ice workbook st ruct ure requires t hat a spreadsheet
model be sect ionalised such t hat each area of t he spreadsheet model ( cat egorised by
purpose) is segregat ed and cont ains all t he sheet s r elat ing t o t hat part icular area.
BPMS 2- 2 Wor k book Sect i ons
Every workbook t hat cont ains mult iple cat egories or similar t ypes of
informat ion should be separat ed int o sect ions. A separat e sect ion should be
creat ed in a workbook for each sheet or group of sheet s cont aining similar
t ypes of informat ion.
As a result , every mult iple- sheet workbook should cont ain at least one sect ion, wit h each
sect ion prefaced wit h a sect ion cover sheet . A workbook covers sheet should preface t he
ent ire workbook, while sect ion cover sheet s ( and pot ent ially sub- sect ion cover sheet s)
should be used t o preface each included sect ion ( and pot ent ially sub- sect ion) .
BPMS 2- 3 Sect i on Cover Sheet s
A sect ion cover sheet should be used at t he st ar t of each sect ion in a
workbook t o indicat e t he commencement of each new sect ion.
Furt hermore, in t he same way t hat it is recommended t hat cover sheet not es be used on t he
workbook cover sheet , it is recommended t hat sect ion cover sheet not es be used on sect ion
cover sheet s t o convey informat ion t o model users and ot her model developer s about t he
cont ent and purpose of t he underlying sect ion ( or sub- sect ion) .
BPMS 2- 2 Sect i on Cover Sheet Not es
I t is recommended t hat sect ion cover sheet s wit hin a workbook include
provision for not es t hat are in view and in a consist ent locat ion.
Sect ion cover sheet not es should include:
a) A descr ipt ion of t he cont ent s of t he under lying sect ion;
b) I nst r uct ions for model users or developer s; and/ or
c) Warnings for model users or developers.
The process of creat ing sect ions in a spreadsheet model can be t hought of in t he same way
as creat ing chapt ers in a book. The st ruct ured and divisible nat ure of most spreadsheet
models means t hat t he process of dividing and sub- dividing a workbook int o more digest ible
sect ions is usually quit e simple and int uit ive. Examples of sect ion cover sheet s have been
provided at 3. 7 Sample Sheet Layout s.
Wor k book Sect i on St r uct ur e
Whilst t he st andards require t he use of sect ions in workbooks which cont ain mult iple
cat egories or similar t ypes of informat ion, t he st andards are silent wit h regards t o t he
manner in which t he dat a wit hin a workbook is sect ionalised. This is because, like creat ing
chapt ers wit hin a book, t here are no generic rules which can be applied t o t his process.
However, based on t he experience of t he members of t he Spreadsheet St andards Review
Board, BPMC 2- 3 has been included wit hin t he st andards as a guide for creat ing a
commonly- recognised sect ion st ruct ure wit hin a best pract ice spreadsheet :
BPMC 2- 3 Wor k book Sect i on St r uct ur e
I t is recommended t hat every workbook be st ruct ur ed consist ent ly t o at
least include t he following sect ions:
a) Cover and Cont ent s;
b) Model Document at ion and Diagrams ( where relevant ) ;
c) Assumpt ions;
d) Out put s;
e) Present at ions ( where relevant ) ; and
f) Appendices ( where relevant ) .
The t able of cont ent s of a best pract ice model t hat ut ilises t his st ruct ure is shown below:
Wor k book Sect i on St r uct ur e Ex ampl e Tabl e of Cont ent s
Tabl e of Cont ent s
Best Pr act i ce Model
Sect ion & Sheet Tit les
-
-
-
-
-
- Alert Checks
a. Checks
Error Checks
Sensit ivit y Checks
a. Time Series Lookup Tables
4.2. Checks
4. Appendices
4.1. Lookup Tables
3. Out put s
a. Revenue Out put s
2. Assumpt ions
a. Time Series Assumpt ions
Go t o Cover Sheet
c. Keys
Format s & St yles Key
Sheet Naming Key
Range Naming Key
b. Revenue Assumpt ions
b. Workbook St ruct ure Diagram
1. Model Document at ion
a. Model Not es

Not e in t his example:
The clarit y of st ruct ure creat ed by t he use of sect ions and sub- sect ions;
The present at ion of t his st ruct ure wit hin a single workbook t able of cont ent s
( discussed below in 2. 4 Workbook Navigat ion / Hyperlinks) ;
The inclusion of a Model Document at ion sect ion which provides not es, diagrams and
ot her informat ion about t he model t o model users and ot her model developers;
The separ at ion of assumpt ions and out put s int o t wo dist inct sect ions; and
The inclusion of an Appendices sect ion, wit h mult iple sub- sect ions, t o house st ruct ural
component s of t he workbook including lookup t ables ( discussed in Chapt er 3 Sheet
St ruct ure) and checks ( discussed in Chapt er 11 Checks) .
Assumpt ion Sect ions vs. Out put Sect ions
One of t he most common sources of bot h errors and confusion in spreadsheet models is t he
inconsist ent placement of assumpt ions. As discussed in BPMS 5- 1 Assumpt ions Locat ion, all
assumpt ions wit hin a workbook should be placed on dedicat ed and visually ident ifiable
assumpt ion sheet s. Furt hermore, BPMC 2- 3 recommends t hat t hese assumpt ion sheet s
should always be placed wit hin dedicat ed and visually ident ifiable assumpt ion sect ions ( wit h
sub- sect ions if necessary) . I n t his way bot h model developers and users will know where all
of t he assumpt ions wit hin a spreadsheet model are locat ed and will t herefore be confident
t hat no changes t o t he model will be being driven by assumpt ions embedded wit hin out put
sheet s.
I n addit ion t o different iat ing workbook sect ions by area, t he model developer should always
det ermine whet her each sect ion is an assumpt ion sect ion or an out put sect ion. As discussed
in BPMS 1- 8 Assumpt ions Classificat ion, t his det erminat ion rest s on t he int ended abilit y of
t he model user t o manipulat e ent ries wit hin each part icular sect ion:
Assumpt ion Sect ions exclusively cont ain sheet s t hat cont ain assumpt ion cells which
can t herefore be changed by t he model user ( i. e. assumpt ion sheet s) ; while
Out put Sect ions exclusively cont ain sheet s t hat cont ain non- assumpt ion cells which
t herefore cannot be changed by model users ( i. e. non- assumpt ion/ out put sheet s) .
These sect ions should never be confused or mixed, such t hat assumpt ion sheet s should
never be cont ained in an out put sect ion, and out put sheet s should never be cont ained in an
assumpt ion sect ion. As a result , no assumpt ions should ever be locat ed wit hin t he out put
sect ion( s) of a spreadsheet model.
The following t able shows t he assumpt ion / out put cat egorisat ion of t he det ailed workbook
sect ion classificat ions list ed in BPMC 2- 3 Workbook Sect ion St ruct ure:
Sect i on Ty pe Component Sheet Ty pe
Cover and Cont ent s Out put
Model Document at ion & Diagr ams Out put
Assumpt ions Assumpt ions
Out put s Out put
Present at ions Out put
Appendices Out put
Not e t hat mult iple assumpt ion sect ions or sub- sect ions may be required in a model which
cont ains bot h base and sensit ivit y assumpt ions ( as discussed in BPMS 1- 8 Assumpt ion
Classificat ion) . I n such a case, t he use of sect ions and/ or sub- sect ions in t his way is t he key
t o prevent ing t he confusion of model users and ot her model developers as a result of failing
t o different iat e bet ween base and sensit ivit y assumpt ions.
I nt er- Sheet Consist ency
Apart from select ing t he appropriat e sect ion and sheet t ypes t o properly st ruct ure t he
workbook, t he order and layout of t he sheet s wit hin ( and bet ween) sect ions should be
consist ent t o avoid confusion.
For example, if a sheet ent it led Taxat ion Assumpt ions was t he first sheet in assumpt ion
sect ion of a workbook, it s corresponding Taxat ion Out put s sheet should be t he first sheet in
t he corresponding out put sect ion of t he workbook. Addit ionally, t he layout and present at ion
of t hese relat ed sheet s should be as consist ent as possible such t hat model users and ot her
model developers do not have t o re- familiarise t hemselves wit h out put sheet s aft er
becoming familiar wit h assumpt ion sheet s. This consist ency is even more import ant when
relat ed base and sensit ivit y assumpt ions are included wit hin a workbook.
For more informat ion on sheet st ruct uring, see Chapt er 3, Sheet St ruct ure.
2.4. Wor k book Navi gat i on / Hy per l i nk s
Following t he creat ion of a well st ruct ured spr eadsheet model, it is t hen import ant t o ensure
t hat model users and ot her model developers are able t o efficient ly navigat e t heir way
around t he workbook. Ease of navigat ion is achieved t hough t he use of t wo met hods:
1) A cent ral t able of cont ent s which summarises t he sect ions, sub- sect ions and sheet s in
t he underlying workbook; and
2) Hyperlinks which link each worksheet t o t he t able of cont ent s and ot her ant icipat ed
dest inat ions in t he workbook.
These t wo met hods, when used t oget her, should enable a model developer or user t o easily
navigat e around t he ent ire workbook using t he mouse wit hout t he need for any inefficient
scrolling of sheet windows and minimal use of t he sheet t abs.
As discussed below, t hese t wo met hods are inseparable because most hyperlinks rely on t he
t able of cont ent s as a cent ral hub while t he t able of cont ent s can only be efficient ly used for
navigat ional purposes when used in conj unct ion wit h hyperlinks t o all dest inat ion
worksheet s.
The inclusion of a well- st ruct ured t able of cont ent s in every spreadsheet model is one of t he
most fundament al workbook st ruct uring principles cont ained in t hese st andar ds and
sonvent ions. Nonet heless many workbooks do not include a t able of cont ent s, t hereby
making it very difficult for model users ( and model developers t hemselves) t o underst and
t he cont ent s and locat ion of t he cont ent s wit hin a workbook.
BPMS 2- 4 Tabl e of Cont ent s
Every workbook wit h mor e t han one sheet should cont ain a Table of
Cont ent s out lining t he st ruct ure and composit ion of t he underlying
workbook.
As such, it is best pract ice t o include a cont ent sheet wit h a t able of cont ent s in every
workbook wit h more t han one sheet . I n doing so t he model developer:
a) is provided wit h a summary of t he out come of t he workbook st ruct uring decisions t hat
have been made during t he model development process;
b) provides model users wit h a succinct summary of t he st ruct ure and cont ent of t he
underlying model;
c) provides model users wit h an underst anding of t he locat ion of component s wit hin t he
workbook;
d) is encouraged t o st ruct ure t he component s of t he workbook such t hat it appears
present able in a t able of cont ent s; and
e) significant ly improves t he st ruct ure of t he workbook.
Even t he most well- st ruct ured workbook is st ill likely t o confuse model users and ot her
model developers if a t able of cont ent s is not used t o provide a st ruct ural summary and
cont ent guidance. Hence, wit h t he except ion of simple, single sheet workbooks, a t able of
cont ent s should be incorporat ed int o every spreadsheet model.
There will generally only be a requirement t o have one t able of cont ent s wit hin any one
workbook, so it should be placed near t he front of t he workbook for easy access. When you
have creat ed a t able of cont ent s in a spreadsheet model, it will become t he focus for all
model developers and users as a means of obt aining an overview of t he workbook cont ent ,
as well as providing a means t o navigat e around t he workbook.
A t able of cont ent s should t herefore serve t hree pur poses:
1) Provide a st ruct ural overview of t he workbook, including a list of each const it uent
sect ion and it s sheet s;
2) Provide hyperlink access t o every worksheet in t he workbook ( see below for more
informat ion on using hyperlinks as navigat ion t ools) ; and
3) Provide a print ed page numbers list ( if t he workbook is int ended t o be print ed for
physical present at ion) .
Model developers should aim t o present t he t able of cont ent s in a manner similar t o t he
home page of an int ernet web page i.e. users of t he model should be able t o ret urn t o t he
t able of cont ent s from any worksheet and immediat ely regain an underst anding of t heir
relat ive posit ion wit hin t he workbook.
BPMS 2- 5 Table of Cont ent s I nformat ion provides a summary of t he informat ion t hat should
be included wit hin a t able of cont ent s. Visual examples of cont ent s sheet s cont aining t ables
of cont ent s const ruct ed in accordance wit h t his st andard are provided wit hin t he discussion
on t he following pages.
BPMS 2- 5 Tabl e of Cont ent s I nf or mat i on
A Table of Cont ent s should:
a) Show t he sect ions of t he workbook ( if any sect ions have been creat ed) ;
b) Refer ence t he sheet t it le of each sheet in t he model;
c) Clear ly number each sect ion and sheet ; and
d) Be locat ed near t he front of t he workbook ( generally t he second sheet in
t he workbook) .
Where a t able of cont ent s becomes so large t hat it ext ends off t he bot t om of t he screen
when in view, grouping should be used where possible ( see BPMS 3- 2 Sheet Tit les) t o allow
t he t able t o be compact ed t o list only sect ion or sub- sect ion sheet s.
The following figure shows a window cont aining a t able of cont ent s const ruct ed according t o
t hese st andards. I n t his example, t he underlying workbook cont ains t hree sect ions, each
wit h t wo sub- sect ions, each cont aining t wo blank out put sheet s:

The grouping of rows in t he above t able of cont ent s creat es t he abilit y t o view t he t able on
an expanded basis ( as shown above) or compact ed basis. For more informat ion on grouping,
see BPMC 3- 7 Grouping Levels.
The figure below shows t he same t able of cont ent s wit h t he rows compact ed t o show only
t he sect ion and sub- sect ion sheet s in t he workbook:

Not e also t hat t he above t able of cont ent s includes a hyperlink reference t o t he workbook
cover sheet in cell B3. This hyperlink ensures t hat t he person navigat ing around t he model
can click t hrough t o t he workbook cover sheet , even t hough t he workbook cover sheet is
before t he cont ent s sheet and t herefor e not list ed in t he t able of cont ent s it self.
Anot her hyperlink in t he shape of an up arrow is also included in t he above t able of cont ent s.
This hyperlink has been added in t his example t o move t he user t o t he t op of t he cont ent s
sheet in t he event t hat worksheet s ar e added t o t he underlying workbook and t he t able of
cont ent s ext ends below t he bot t om of t he viewable screen cont ent . The use of hyperlinks is
discussed in more det ail below.
Hy per l i nk s as Navi gat i on Tool s
I f used appropriat ely, hyperlinks are capable of t ransforming a large spr eadsheet model int o
a virt ual int ernet web sit e wit hin which a model user can navigat e around using not hing
more t han mouse but t on clicks.
BPMS 2- 6 Wor k book Nav i gat i on
Every workbook wit h mor e t han one sheet should cont ain:
a) a t able of cont ent s sheet out lining t he sect ions and sheet s in t he
workbook;
b) hyperlinks from t he t able of cont ent s t o every sheet in t he workbook;
and
c) a hyperlink t o t he t able of cont ent s always in view on ever y sheet in t he
workbook.
Hyperlinks should be included in any circumst ance where t he next move of t he model user is
predict able. For example, hyperlinks can be used t o direct users:
from t he t able of cont ent s t o any worksheet in t he workbook;
t o t he t op of t he act ive worksheet ;
t o t he worksheet immediat ely left / right of t he act ive worksheet ;
from an assumpt ions sheet t o t he corresponding out put worksheet ; or
t o anot her range in a large worksheet .
A hyperlink in a spreadsheet model needs t o be visually ident ifiable so t hat bot h t he model
developer and model users can ident ify where hyperlinks exist . Similar t o t he ident ificat ion of
cell cont ent as eit her const ant , formula or mixed cell cont ent ( see BPMS 1- 6 Cell Cont ent ) ,
t his is achieved t hrough t he consist ent use of purpose- based for mat t ing. Normal int ernet
format t ing of hyperlinks includes underlining and as a result t his approach has been adopt ed
for all examples t hroughout t hese st andards.
The t ext displayed by a hyperlink should provide t he model user wit h a clear indicat ion of t he
dest inat ion of t he hyperlink. I n t his regard, if t he dest inat ion cell cont ains a heading or ot her
descript ive t ext , it is oft en best t o link t he hyperlink cell by formula t o t he dest inat ion cell
such t hat bot h cells always cont ain t he same value ( i. e. t he value of t he dest inat ion cell) .
Hyperlinks can be displayed on a worksheet wit h any word or charact er in view. This means
t hat arrows and ot her symbols can be used t o provide user- friendly navigat ion guidance t o
model users. However, if t his approach is t aken, t he number of different symbols should be
limit ed and applied consist ent ly t o prevent confusing model users.
The only common limit at ion on hyperlinks is t hat t hey are most commonly used t o direct t he
user t o a worksheet range. Hence, hyperlinks cannot easily be used t o t ake users from t he
t able of cont ent s t o a chart or ot her non- range obj ect direct ly. Furt hermore, hyperlinks are
usually anchored t o a worksheet range, meaning t hat it may be difficult or impossible in
some spreadsheet applicat ions t o place t hem on chart sheet s t o click t hrough t o t he t able of
cont ent s. I t is for t his reason t hat t he inclusion of chart sheet s ( inst ead of embedding chart s
wit hin worksheet s) gener ally det ract s from t he navigat ion user- friendliness of a spreadsheet
model.
The following figure shows how hyperlinks might be used t o support t he st ruct ure of a simple
model ( which includes a chart sheet ) and t hereby allow for easy workbook navigat ion:
Cont ent s Sheet
Lookup Sheet
Ta b l e o f Co n t e n t s
h y p e r l i n k s
Sh e e t l e f t / r i g h t
h y p e r l i n k s
Out put Sheet
Char t Sheet
Sect ion Cover 3
Sect ion Cover 1
Sect ion Cover 2
Cover Sheet

Not e t hat alt hough t he chart sheet in t he workbook represent ed in t he above diagram should
st ill be list ed on t he t able of cont ent s, hyperlinks cannot be linked t o it because it does not
cont ain worksheet ranges. I t is for t his reason t hat BPMC 3- 3 ( see Chapt er 3) recommends
t hat no chart sheet s should be included in a workbook.
2.5. Wor k book Consi st ency
Model developers should ext ensively use consist ency as t he basis for delivering clarit y in
t heir spreadsheet models. I n const ruct ing a workbook a model developer makes many
decisions regarding:
a) Sheet t it les, posit ioning and format s;
b) Sheet st ruct ure;
c) Dat a posit ioning;
d) I nformat ion visibilit y;
e) Workbook navigat ion; and
f) Sheet view and print propert ies.
By st andardising t hese decisions t hroughout a workbook, a model developer can creat e
workbooks t hat model users will find easy and efficient t o int erpret , underst and, view, print
and navigat e. As such, model developers should always use a st andardised and consist ent ly
applied appr oach t o all of t hese fact ors wit hin a workbook. Furt her, good model developer s
should seek t o develop and consist ent ly apply t hese fact ors t o all of t he workbooks t hat t hey
develop. I n t his way, a model developers workbooks will become familiar t o model users and
more readily useable, part icularly when t he same model users are using t hese different
workbooks developed by a single model developer.
Spr eadsheet Model l i ng Ar ea 3 Sheet St r uct ur e
Chapt er 3.
Sheet St ruct ure
3.1. Pur pose- Based Sheet St r uct ur e
Best pract ice sheet st ruct ure cent res around developing purpose- based sheet s. Purpose-
based sheet development refers t o t he development of a sheet wit h a clear underst anding of
it s cont ent and underlying purpose. I n st ruct uring a sheet a model developer will make many
decisions which may include:
a) Which sheet t ype t o use t o hold t he desired informat ion;
b) How t o st ruct ure and segr egat e t he cont ent of t he sheet ;
c) How t he sheet should be print ed and viewed on screen;
d) How t he layout of a worksheet can be best simplified;
e) How t o navigat e around a worksheet ;
f) What informat ion needs t o be in view; and
g) How t o posit ion t he component s wit hin sheet s.
By focusing on t he purpose of t he underlying sheet when making t hese decisions, t he model
developer can const ruct sheet s t hat meet t he needs of model users. The st andards and
donvent ions cont ained in t his chapt er aim t o assist t he model developer in const ruct ing
purpose- based sheet s.
3.2. Sheet Consi st ency
The primary considerat ion when st ruct uring sheet s in a spreadsheet model is ensuring sheet
consist ency. Sheet consist ency should be considered on t wo levels:
1) General sheet consist ency involves t he consist ent use and applicat ion of component s
common t o all sheet s in a workbook; and
2) Sheet t ype consist ency involves t he consist ent use and applicat ion of component s
common t o sheet s of t he same t ype in a workbook.
While t he general sheet consist ency principles are applicable t o all sheet s of all t ypes, t he
sheet t ype consist ency principles are only relevant t o sheet s classified by t he model
developer as being of t he same t ype ( see BPMS 1- 3, BPMS 1- 4 and BPMC 1- 1 for more
informat ion on sheet t ype classificat ion) .
Sheet consist ency on bot h levels is fundament al t o ensure t he development of purpose-
based spreadsheet models wit h a clearly communicat ed logical st ruct ure. The result is
improved user- friendliness, workbook navigat ion and underst anding on behalf of bot h model
users and ot her model developers.
Gener al Sheet Consi st ency
Ensuring general sheet consist ency involves maint aining t he consist ent layout and
present at ion of every component t hat is common t o every worksheet in a workbook. These
component s include:
Sheet heading and t it le posit ions and st yles;
Hyperlinks t o t he Cont ent s Sheet and neighbouring sheet s;
The zoom % of t he visible and print ed sheet s;
The visibilit y of gridlines on worksheet s;
Window panes / split s ( see 3. 4 Window Panes and Split s below) ; and
Grouping levels ( see 3. 5 Grouping Levels below) .
Consist ency of sheet layout s, bot h wit hin sheet t ypes and bet ween sheet t ypes, ext ends t o
every component of sheet format t ing and st ruct uring. Many developers oft en fail t o address
many of t hese issues when const ruct ing a spreadsheet model, and as a result are required t o
ret rospect ively adj ust everyt hing from worksheet st ruct ures t o st yles t o page set up
propert ies oft en never achieving st rict consist ency.
BPMS 3- 1 specifically relat es t o t he consist ent layout and present at ion of sheet t it les:
BPMS 3- 1 Sheet Ti t l es
Every sheet in a workbook should cont ain a clearly highlight ed sheet t it le
t hat is:
a) Consist ent ly format t ed on every sheet ;
b) Consist ent ly locat ed on every sheet t ype; and
c) Always in view on t he screen when t hat sheet is act ive.
When ent ering sheet t it les, t he model developer should consider t he fact t hat in many cases
t he t able of cont ent s will by hyperlinked t o t he sheet t it le of each worksheet ( see BPMS 2- 5
Table of Cont ent s I nformat ion) . Hence, t he ent ered sheet t it le should be short enough t o fit
on t he t able of cont ent s yet descript ive enough t o provide model users and ot her model
developers wit h enough informat ion as t o t he cont ent s of t he sheet when reading down t he
t able of cont ent s.
Addit ionally, t he model user should consider t he ent ered sheet t it le in t he cont ext of t he
t able of cont ent s i. e. if t he sheet is clearly placed wit hin t he Assumpt ions sect ion of t he
workbook and represent ed as such in t he t able of cont ent s, it may be accept able t o short en
a sheet t it le such as Revenue - Assumpt ions t o Revenue. This simplificat ion of t he sheet
t it le is made possible primarily as a result of assumpt ion sheet s being clearly different iat ed
from out put sheet s using colour- coding ( see BPMC 1- 2 Sheet Pur pose I dent ificat ion) .
The consist ent format t ing of sheet t it les is most efficient ly achieved via t he use of a purpose-
based Sheet Tit le st yle. This will prevent t he model developer having t o remember t o re-
apply t he same combinat ion of format s t o each sheet t it le following t he insert ion of a new
worksheet . For more informat ion on creat ing purpose- based st yles, see 4. 2 St yles.
Sheet t it les should be placed in t he same cell for each sheet t ype wit hin a spreadsheet model
i. e. t he sheet t it le cell on all sect ion cover sheet s should be ident ical. This cell, along wit h
t he cells cont aining hyperlink references t o t he t able of cont ent s and ot her worksheet s,
should always remain in view regardless of whet her or not t he model user scrolls down or
across t he worksheet . This is achieved t hrough t he use of window panes and is discussed
below in BPMC 3- 7.
The consist ent use of sheet t it les, and many ot her component s common t o all sheet t ypes, is
recommended by t he sheet cont ent consist ency recommendat ions wit hin BPMC 3- 1:
BPMC 3- 1 Sheet Cont ent Consi st ency
I t is recommended t hat every sheet of t he same sheet t ype in a workbook
consist ent ly apply t he following propert ies:
a) Sheet t it le st yle and posit ion;
c) Purpose- based format s and st yles;
d) Hyperlink posit ions and st yles;
e) Zoom/ scaling percent age of t he visible and print ed sheet s;
g) Grouping levels; and
h) Window panes/ split s.
BPMC 3- 1 recommends t he consist ent posit ioning and st yling of hyperlinks wit hin every
worksheet . This recommendat ion is not referring t o all hyperlinks, which will differ in many
cases bet ween different sheet s, but inst ead t o t he posit ion and present at ion of t he hyperlinks
t hat are common t o all worksheet s. These hyperlinks are t he subj ect of BPMC 3- 2:
BPMC 3- 2 Hy per l i nk s i n Wor k sheet s
I t is recommended t hat every worksheet , where relevant , cont ain t he
following hyperlinks:
a) Sheet left hyperlink ( t o move t o t he worksheet t o t he left ) ;
b) Sheet right hyperlink ( t o move t o t he worksheet t o t he right ) ;
c) Sheet t op hyperlink ( t o move t o t he t op of t he worksheet ) ;
d) Error check hyperlink ( t o move t o t he workbook error checks
summary) ;
e) Sensit ivit y check hyperlink ( t o move t o t he workbook sensit ivit y checks
summary) ;
f) Aler t check hyperlink ( t o move t o t he workbook alert checks summary) .
I t is recommended t hat all of t hese hyperlinks be in view on t he scr een at
all t imes.
Not e t hat sheet left and sheet right hyperlinks will only be included in a worksheet where
t here is a visible worksheet t o t he left or right or t he act ive worksheet , and t he error,
sensit ivit y and alert check hyperlinks will only be required if t heir corresponding checks
summaries have been included in t he underlying workbook ( for more informat ion on checks
see Chapt er 11 Checks) .
Addit ionally, because many spreadsheet applicat ions do not easily allow hyperlinks t o
reference chart sheet s, t hese sheet s will be skipped by sheet left and sheet right hyperlinks,
t hereby neagat ively impact ing t he ease wit h which a workbook can be navigat ed. For t his
reason, BPMC 3- 3 recommends t hat chart sheet s not be used wit hin best pract ice models:
BPMC 3- 3 No Char t Sheet s
To ensure hyperlink access t o all t he sheet s wit hin a workbook, it is
recommended t hat char t s be placed wit hin worksheet s rat her t han using
chart sheet s.
This convent ion does not apply t o spr eadsheet applicat ions which allow
chart sheet s t o cont ain hyperlinks and t o be specified as t he t arget of
hyperlinks.
Finally, t he exist ence of sheet t op hyperlinks is only made possible t hrough t he use of
window panes in conj unct ion wit h hyperlinks. More informat ion on t he use of window panes
( and split s) in t his way is provided in 3. 4 Window Panes and Split s below.
Sheet Ty pe Consi st ency
Ensuring sheet t ype consist ency involves st rict ly maint aining t he consist ent layout and
present at ion of every component t hat is common t o sheet s of t he same t ype wit hin a
workbook. The primary obj ect ive of t he model developer when applying sheet t ype
consist ency should be t o ensure t hat model users and ot her model developers are quickly
able t o bot h recognise sheet s of t he same t ype and dist inguish bet ween sheet s of different
t ypes. Sheet t ype consist ency is governed by BPMS 3- 2:
BPMS 3- 2 Sheet Ty pe Consi st ency
Sheet s of t he same sheet t ype wit hin a wor kbook should be consist ent ly
st ruct ured and format t ed.
This st andard applies t o:
a) Sheet t it le, st yles and posit ioning;
c) Column and row dimensions;
d) Dat a ent ry point s;
e) Hyperlink posit ioning;
g) Grouping levels;
h) Zoom and viewing proper t ies;
i) Window panes and split s; and
j ) Format s and colours.
Ensuring sheet t ype consist ency requires a clear underst anding of t he component s of each
sheet t ype and how each of t hese component s can differ from ot her sheet t ypes. Only aft er a
model developer underst ands t hese concept s can t hese component s be laid out and
present ed consist ent ly t o dist inguish each sheet t ype.
The following st eps have been provided as an indicat ion of t he st eps t hat can be t aken t o
dist inguish sheet t ypes based on t he sheet t ypes list ed in BPMS 1- 3 Sheet Cont ent :
Column widt hs of t he same sheet t ype should be ident ical i. e. all t ime series sheet s
or sect ion cover sheet s should always appear on screen and print in exact ly t he same
way;
Headings, t it les, hyperlinks and ot her common sheet infrast ruct ure should be
format t ed and posit ioned consist ent ly;
Time series period t it les should always be present ed and posit ioned in t he same way
i. e. t he first t ime series period column should always be t he same; and
Sheet naming suffixes should be used t o immediat ely different iat e sheet s by t ype ( see
BPMC 9- 3 Sheet Type Naming Suffixes) .
For examples of consist ent sheet layout s in accordance wit h BPMS 3- 2 see 3. 7 Sample Sheet
Layout s.
Wor k book Cover Sheet Cont ent
The workbook cover sheet was int roduced in Chapt er 1 when discussing t he sheet t ypes
required by BPMS 1- 3 and recommended by BPMC 1- 1. The recommended cont ent for
inclusion wit hin a workbook cover sheet is specified in BPMC 3- 4, as st at ed below:
BPMC 3- 4 Wor k book Cov er Sheet Cont ent
I t is recommended t hat t he cover sheet of a workbook cont ain t he following
informat ion:
a) The model name;
Workbook Cover Sheet Not es
A large amount of model redundancy r esult s from t he lack of effect ive communicat ion of
workbook issues and inst ruct ions t o ot her model developers and model users. The workbook
cover sheet provides a point of focus in t he workbook where model developers should ent er
such inst ruct ions or not es for model users. I t is recommended t hat t his informat ion be
provided via t he use of cover sheet not es.
BPMC 3- 5 Wor k book Cover Sheet Not es
I t is recommended t hat t he cover sheet of a workbook include provision for
not es t hat are in view and in a consist ent locat ion.
a) A descr ipt ion of t he cont ent s of t he under lying workbook;
Model developers should ent er cover sheet not es assuming t hat t hey will be read by ot her
model developers and model users who know not hing about t he underlying spreadsheet
model. Hence, t he inst ruct ions and comment s should be simple enough t o provide t hese
part ies wit h comfort about t heir abilit y t o use and/ or make changes t o t he workbook.
Cover sheet not es should indicat e t he purpose of t he workbook and provide warnings
regarding any areas of pot ent ial confusion or concern for bot h model developers and model
users. Cover sheet not es can address any number of pot ent ial uses, including:
A summary of t he purpose of t he model;
The current version of t he model;
A summary of any remaining Work I n Progress areas in t he model ( See BPMC 4- 3
Work in Progress I dent ificat ion) ;
An indicat ion of any planned amendment s or addit ions t o t he model; and
The exist ence of any links t o ext ernal workbooks ( see Chapt er 13 Mult iple Workbooks) .
When ent ering cover sheet not es, t he model developer should bear in mind t hat t he
excessive use of t hese not es can cause more concern t han comfort . I n t he event t hat a large
number of general model issues remain out st anding, it may be more reasonable t o list t hese
issues on a blank out out sheet wit hin an appendix sect ion of t he spreadsheet model rat her
t han crowding t he workbook cover sheet .
Sect i on Cover Sheet Cont ent
Sect ion cover sheet s were int roduced in Chapt er 1 when discussing t he sheet t ypes required
by BPMS 1- 3 and recommended by BPMC 1- 1, and also discussed in Chapt er 2 when
discussing t he workbook sect ionalisat ion requirement s of BPMS 2- 2. Sect ion cover sheet s,
like all sheet t ypes which may be included mult iple t imes wit hin a workbook, should be
consist ent ly st ruct ured t o ensure t hat model users and ot her model developer s quickly
dist inguish sect ion cover sheet s aft er first viewing one. I n addit ion t o t his sheet t ype
consist ency requirement , BPMC 3- 6 recommends t he inclusion of t he following cont ent on all
sect ion cover sheet s:
BPMC 3- 6 Sect i on Cover Sheet Cont ent
I t is recommended t hat every sect ion cover sheet in a wor kbook cont ain t he
following infor mat ion:
a) A t it le for t he f ollowing sect ion;
c) Cover sheet not es; and
d) The model name.
This infor mat ion should be consist ent ly for mat t ed and posit ioned on all
sect ion cover sheet s in t he workbook.
Complet e consist ency of sect ion cover sheet s is recommended because t he primary purpose
of any sect ion cover sheet in a workbook is t o indicat e t o model users and ot her model
developers t hat t he following sheet s cont ain a separat e t opic or t ype of informat ion t o t he
sheet s prior t o t he sect ion cover sheet .
Sect ion Cover Sheet Not es
I n t he same way t hat it is recommended t hat cover sheet not es be used on t he workbook
cover sheet , it is recommended t hat sect ion cover sheet not es be used on sect ion cover
sheet s t o convey informat ion t o model users and ot her model developers about t he cont ent
and purpose of t he underlying sect ion ( or sub- sect ion) .
BPMC 3- 7 Sect i on Cover Sheet Not es
I t is recommended t hat t he cover sheet of a workbook include provision for
not es t hat are in view and in a consist ent locat ion.
a) A descr ipt ion of t he cont ent s of t he under lying workbook;
For more informat ion and examples demonst rat ing t he represent at ion of t he different sheet
t ypes in a workbook t able, see BPMS 2- 5 Table of Cont ent s I nformat ion) .
3.3. Li mi t i ng Wor k sheet Dept h
When using a purpose- based approach t o workbook st ruct uring ( see Chapt er 2) , model
developers should always avoid t he t empt at ion t o include excessive amount s of informat ion
on any one worksheet . While t his may be unavoidable when analysing dat a over a large
number of t ime series periods ( columns) , it can generally be cont rolled in relat ion t o t he
number of rows used ( or dept h of t he worksheet ) . Limit ing worksheet dept h is
recommended by BPMC 3- 8:
BPMC 3- 8 Li mi t i ng Wor k sheet Dept h
I t is recommended t hat t he number of rows ut ilised on any worksheet be
limit ed, where pract ical, t o what can be seen on t he screen wit hout vert ical
scrolling.
I t is recommended t hat t he number of rows ut ilised on any one worksheet
be limit ed t o t he minimum possible. To reduce t he dept h of a worksheet
where t her e is an unavoidably large amount of informat ion it is
recommended t hat :
a) Rows are grouped and collapsed; or
b) Differ ent t ypes of informat ion be moved t o new worksheet s ( split t ing
t he worksheet informat ion) .
I n fact , as a general rule model developers should aim t o ensure t hat most of t he
informat ion on a worksheet is visible wit hout t he need for any vert ical scrolling i. e. t he
number of rows used should be limit ed t o approximat ely t he number of rows visible in t he
sheet window when t he sheet is in t he t op posit ion. Where t his cannot be achieved wit hout
grouping, grouping of rows should be used t o offer model users a compact ed summary of
t he det ail in t he worksheet before t hey choose t o look int o t he compact ed det ail ( see 3. 5
Grouping Levels below) .
The benefit s of limit ing t he dept h of t he worksheet s in a spreadsheet model include:
Forcing model developers t o separat e t he assumpt ion and out put areas of t he model
int o dist inct , digest ible pieces;
Allowing for efficient workbook navigat ion via a t able of cont ent s;
Ensuring t hat t he t able of cont ent sprovides a t horough summary of t he different areas
in t he model which can t hen be immediat ely accessed via hyperlinks t o t hese sheet s;
and
Prevent ing disorient at ion on behalf of model users who are unable t o gain an
underst anding of t he purpose or relevance of each sect ion wit hin a worksheet .
The use of a larger number of smaller worksheet s ( as opposed t o a smaller number of larger
worksheet s) is only made viable by t he inclusion of a fully hyperlinked t able of cont ent s and
t he ext ensive use of hyperlinks t hroughout t he workbook t o guide model users. For more
informat ion on purpose- based workbook st ruct uring and navigat ion t echniques see Chapt er
2, Workbook St ruct ure.
3.4. Wi ndow Panes and Spl i t s
The consist ent and logical use of window panes and split s on worksheet s is st rongly
recommended. I n fact , when developing large spreadsheet models, t he effect ive use of a
logical workbook st ruct ure wit h hyperlink navigat ion will not be possible wit hout t he
ut ilisat ion of at least some window panes.
BPMC 3- 9 Fr eezi ng Panes
I t is recommended t hat frozen panes be used on every worksheet in a
workbook ( excluding cover sheet s) t o ensur e t hat t he sheet t it le, any
hyperlinks, error flags or dat e and t ime t it les are always in view.
The decision concerning t he use of split s vs. panes is a personal one for each model
developer. However, many model users have difficult ly navigat ing around a worksheet when
window split s have been put in place, and t herefore panes have become t he more commonly
accept ed ( and t herefore r ecommended) means of cont rolling window component s.
The following fact ors should be consider ed when using window split s and panes in
spreadsheet models:
The primary use of split s and panes should be t o ensure t hat t he t op level sheet t it les,
headings and hyperlinks remain in view even when a user scrolls down ( or across) t he
worksheet ;
Split s and panes should be used on every t ime series sheet t o ensure t hat t ime series
period t it les remain in view when a user scrolls down t he worksheet ;
The use of hyperlinks in conj unct ion wit h panes can enable model users t o rapidly
reset t he posit ion of t he act ive window t o t he t op of t he act ive worksheet wit h one
click. The following example demonst rat es t his met hod:

I n t his example, panes have been frozen around cell B5. This will ensure t hat rows 1
4 and column A is always visible on t his worksheet . A hyperlink has t hen been insert ed
in cell A4 ( and format t ed as an up arrow t o indicat e t o model users t hat clicking on
t his hyperlink will move t hem t o t he t op of t he sheet ) which references cell B5. As a
result , regardless of where t he model developer has scrolled wit hin t he worksheet ,
clicking on t he up arrow hyperlink will always make cell B5 t he act ive cell, and in doing
so reset t he worksheet view t o t he t op of t he page ( as it current ly appears above) .
This met hod prevent s t he need for t he model user t o perform mult iple up and left
scrolls t o reach t he t op of t he worksheet . Not e however, t hat t his met hod will not work
wit h window split s, which creat e 4 independent areas wit hin t he same window.
The use of checks hyperlinks in conj unct ion wit h panes ensures t hat model users are
always only 1 click away from act ivat ing checks summaries in t he event t hat an error,
sensit ivit y or alert is det ect ed in t he workbook ( for more informat ion on checks see
Chapt er 11 Checks) ; and
Using split s and panes effect ively ( as demonst rat ed in t he previous example) should
ensure t hat a hyperlink t o t he t able of cont ent s is always in view. As a result , t he
model user should never be more t han 1 click away from t he Table of Cont ent s and 2
clicks away from any ot her worksheet in t he act ive workbook.
Hence it can be seen t hat t he use of window split s and ( in part icular) panes can play a
fundament al role in cont rolling sheet st ruct ure and ensuring t he easy navigat ion of a
spreadsheet model.
3.5. Gr oupi ng Level s
Many worksheet s in a spreadsheet model will cont ain int ermediary calculat ions and det ail
which are not required t o be scrut inised by model users. However, hiding t his informat ion by
hiding rows or columns can be dangerous as it is oft en easy for such hidden dat a t o be
ignored or even delet ed by ot her model developers. Hence, t o prevent confusion, rows and
columns should be grouped wherever necessary t o t emporarily hide unnecessary det ail.
BPMS 3- 3 Gr oupi ng Row s or Col umns
When hiding rows or columns in a worksheet , t he rows or columns should
always be grouped, not hidden.
When used properly, grouping can significant ly simplify t he st ruct ure and appearance of
worksheet s wit hout permanent ly hiding informat ion or misleading model users. This is
largely because group levels are always displayed t o t he left of and above t he r ow and
column headers respect ively.
The following t able shows t he same worksheet first ly wit h rows 7 10 and columns H K
hidden, and t hen wit h t he same rows and columns grouped:
Hi dden Row s and Col umns: Gr ouped Row s and Col umns:

Alt hough t he hidden rows and columns do not reduce t he visible worksheet area ( which
occurs when grouping levels are indicat ed t o t he left of and above t he row and column
headers) , t hey are almost impossible t o det ect wit hout closely examining t he row and
column headers. Addit ionally, unhiding and re- hiding rows and columns is a much slower
process t han swit ching group levels in and out of view, and somet hing many model users will
not have t he knowledge t o do.
Gr oup Level Vi ew s
Grouping principles should be applied consist ent ly t hroughout a spreadsheet model. By doing
t his, t he model developer effect ively creat es views in which t he model can be analysed, wit h
each view differing depending on t he level of det ail. BPMC 3- 10 recommends t he consist ent
use of grouping t o creat e t hree views in every workbook:
BPMC 3- 10 Gr oupi ng Level s
I t is recommended t hat rows and columns wit hin t he worksheet s in a
workbook be grouped consist ent ly across all worksheet s t o creat e t he
following t hree views:
a) Summary view ( compact ed) ;
b) Print view ( semi- compact ed, if required) ; and
c) Expanded view ( un- compact ed) .
Having t hese views can be very useful when print ing, viewing or prot ect ing a workbook,
because t he model developer can effect ively cont rol t he level of det ail t hat is provided t o
model users. Generally, t he views recommended in BPMC 3- 10 will exist only in t he first 3
levels of grouping because grouping beyond level 3 oft en result s in t he worksheet area on
t he screen becoming unaccept ably small. The following 3 views are recommended:
Vi ew Name Gr oup Level s Hi dden Pur pose
Compact ed View All Hides all det ail except for headings, t it les and
select ed ot her informat ion which will never be
hidden
Print View 1 Shows all infor mat ion which will be visible when
t he workbook is print ed or viewed on screen
Expanded View None Shows all infor mat ion in t he worksheet
primar ily used during model development st age
An example of t he applicat ion of t hese t hree views is provided below, where t he same
informat ion is displayed in t hree levels of det ail depending on t he group levels in view:
Gr oupi ng Ex ampl e Ex panded Vi ew ( Show i ng Al l Gr oup Lev el s)

Gr oupi ng Ex ampl e Pr i nt Vi ew ( Hi di ng Gr oup Lev el 1)

Gr oupi ng Ex ampl e Compact ed Vi ew ( Hi di ng Al l Gr oup Lev el s)

Alt hough t hese st andards do not require t he use of grouping in spreadsheet models, it is
st rongly recommended for any worksheet wit h cont ent t hat ext ends significant ly beyond t he
visible area on t he screen or cont ains a large amount of det ail not relevant t o model users.
3.6. Headi ng I ndent at i on
Anot her element t o consider when implement ing general sheet consist ency is t he consist ent
use of heading st yles ( discussed in det ail in Chapt er 4 Format s & St lyes) and t he indent at ion
of headings using t hese st yles. Whilst not required by t he st andards, BPMC 3- 11
recommends t he consist ent use of hierarchical heading st yles t hroughout t he worksheet s
wit hin a best pract ice model in order t o assist model users and ot her model developers when
underst anding t he cont ent and purpose of t he workbook:
BPMC 3- 11 Headi ng I ndent at i on
I t is recommended t hat headings wit hin a workbook are consist ent ly
indent ed using different columns t hat visually communicat e t he appropriat e
level of emphasis or impor t ance t hat should be at t ached t o each heading.
Because spr eadsheet applicat ions do not have t he same t ab indent funct ionalit ies t hat are
provided wit h most word processing applicat ions, t he following st eps are recommended t o be
t aken t o reliably implement consist ent heading ident at ion wit hin a best pract ice model:
1) Creat e a number of hierarchical heading st yles e. g. Heading 1 Heading 4 ( st yles
are discussed in det ail in Chapt er 4 For mat s & St yles) ;
2) Adj ust t he column widt h of t he first four columns wit hin which you int end t o use t hese
heading levels on each sheet t ype ( see BPMS 1- 3 Sheet Cont ent for more informat ion
on sheet t ypes) ; and
3) Consist ent ly each st yle t o headings wit hin t heir corresponding column wit hin each
worksheet .
An example of t his process is provided below:
Headi ng I ndent at i on - Ex ampl e 1

A more realist ic example, showing t he consist ent use of headings wit hin a Balance Sheet , is
shown below:
Headi ng I ndent at i on - Ex ampl e 2

Not e t hat it will oft en not be possible t o use perfect consist ency when using heading
indent at ion e. g. even in t he above example t he Cash at Bank heading and Tot al Current
Asset s heading are in t he same column, even t hough t hey have been format t ed in Heading
St yle 4 and Heading St yle 3 respect ively. This is not bad pract ice, because in t his inst ance it
would be more confusing t o indent t he Cash at Bank heading t han t o place it in t he same
column as t he Tot al Current Asset s heading.
Hence, it can be seen from t his simple example t hat heading level indent at ion, whilst
fundament ally import ant t o achieving general sheet consist ency, is not a perfect science but
rat her a best endeavours recommendat ion of t he st andards and convent ions.
3.7. Sampl e Sheet Lay out s
Ot her t han purpose- based workbook st ruct uring and format t ing and ensuring consist ency
bet ween wor kbook sheet t ypes, t he general layout of t he different sheet t ypes remains
largely at t he discret ion of t he model developer. However, if model developer s clearly
segregat e t he out put present at ion sect ions of t heir spreadsheet models ( see BPMS 7- 1
Segregat ion of Out put s) t he body of t he spreadsheet model should be primarily funct ional
rat her t han aest het ically appealing.
The sample sheet t ype layout s in t his sect ion of t he st andards have been provided as
examples of t he way in which t he different sheet t ypes can be laid out dist inct ively yet
consist ent ly t o ensure t he effect ive implement at ion of a purpose- based workbook st ruct ure.
The sheet s provide a base st art ing point for t he addit ion of any new sheet t o a spreadsheet
model.
The following common element s should be insert ed wit h every worksheet , regardless of
sheet t ype:
1) Sheet Tit le used as t he basis for t he t able of cont ent s hyperlink reference. Should be
t he first and largest t it le on each worksheet ;
2) Model Name should appear near t he sheet t it le. Should be ent ered on t he workbook
cover sheet and referenced by formula on all ot her worksheet s; and
3) Table of Cont ent s Hyperlink provides immediat e access t o t he workbook t able of
cont ent s at t he click of t he mouse.
The remainder of t his sect ion is dedicat ed t o a discussion of t he element s relevant t o each
specific sheet t ype and t he provision of visual examples of t hese basic sheet t ypes. Not e t hat
all visual examples of t hese basic sheet t ypes have been provided in Print Preview View in
order t o demonst rat e t he consist ent use of page set up proper t ies ( i. e. headers and foot ers,
et c) .
Wor k book Cover Sheet
BPMC 3- 4 recommends t hat t he following cont ent be included in t he workbook cover sheet :
a) The model name;
An example of a workbook cover sheet t hat implement s t hese recommendat ions is provided
below:
Wor k book Cover Sheet Ex ampl e
Ent it y Name
M odel Name
Go t o Tabl e of Cont ent s
Pr i mar y Devel oper : BPM
Cover Not es:
Cover Not e 1
Cover Not e 2
Cover Not e 3

Not e from t his sample workbook cover sheet :
The ent it y name and model name are ent ered ( in t his example as const ant ) ont o t his
sheet ;
A t able of cont ent s hyperlink allows model users t o click t hrough t o t he t able of
cont ent s;
The name of t he primary model developer is displayed;
Cover not es are clearly displayed; and
No headers or foot ers have been used because t he det ails of t he model are st at ed
above and page numbers are not required ( because t he workbook cover sheet should
always be t he first sheet in a workbook) .
Sect i on Cover Sheet s
BPMC 3- 6 recommends t hat t he following cont ent be included in sect ion cover sheet s:
a) A t it le for t he following sect ion;
c) Sect ion cover sheet not es; and
d) The model name.
An example of a workbook cover sheet t hat implement s t hese recommendat ions is provided
below:
Sect i on Cover Sheet Ex ampl e
Sect ion Tit le
Sect ion 1.
M odel Name
Sect i on Cover Not es:
Sect ion cover sheet not e 1.
Fi le N a me . x ls
S e c t ion C ov e r S he e t S C
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 0 3
P a ge 1 of 1

Not e from t his sample sect ion cover sheet :
The sect ion t it le and sect ion number are clearly ent ered at t he t op of t he sheet ;
The model name reference is linked t o t he workbook cover sheet ( and hence format t ed
in formula black t o indicat e t he formula cont ent of t his cell) ;
A t able of cont ent s hyperlink allows model users t o click t hrough t o t he t able of
cont ent s;
Sect ion cover not es are clearly displayed;
Foot ers have been included t o communicat e t he file name, sheet name, t ime of
print ing and page number t o model users when t hey print t he sheet ; and
The use of t he Sect ion Cover Sheet naming suffix ( SC) ( see BPMC 9- 3 Sheet Naming
- Suffixes) in t he sheet name ( which can be viewed in t he left foot er) .
Not e t he int ent ional similarit y in t he layout s of t he example workbook cover sheet ( in t he
prior sect ion) and t he example sect ion cover sheet . This consist ency should be used for all
cover sheet s, including pot ent ial sub- sect ion cover sheet s, as it ensures t hat model users will
immediat ely recognise cover sheet s when t hey act ivat e any of t hese sheet s.
The primary difference bet ween t he difference bet ween t he workbook cover sheet , sect ion
cover sheet s and sub- sect ion cover sheet s is t heir t reat ment wit hin t he t able of cont ent s. As
shown in t he sample cont ent s sheet below, t he t able of cont ent s st ruct ure should clearly
highlight t he different sect ion and sub- sect ion levels creat ed by t hese cover sheet s using
appropriat e indent at ion and numbering.
Cont ent s Sheet
The cont ent s sheet is t he cent ral navigat ional hub of a well- st ruct ured spr eadsheet model. I n
addit ion t o providing rapid hyperlink access t o every worksheet in t he underlying workbook,
a well- const ruct ed t able of cont ent s at t est s t o t he reasonableness and logic of t he st ruct ure
t hat has been built int o t he workbook.
The following sample cont ent s sheet should be analysed in conj unct ion wit h BPMS 2- 5 Table
of Cont ent s I nformat ion. The example shows how t wo sect ions, each wit h t wo sub- sect ions
( each wit h 2 sheet s) should be laid out in a t able of cont ent s:
Cont ent s Sheet Ex ampl e
Table of Cont ent s
M odel Name
Sect i on & Sheet Ti t l es
1. Sect i on 1 Ti t l e
Sub- Sect i on 1. 1 Ti t l e
a. Sheet 1 Ti t l e
a. Sheet 2 Ti t l e
a. Sheet 3 Ti t l e
a. Sheet 4 Ti t l e
2. Sect i on 2 Ti t l e
a. Sheet 5 Ti t l e
a. Sheet 6 Ti t l e
a. Sheet 7 Ti t l e
a. Sheet 8 Ti t l e
Tot al Pages
Fi le N a me . x ls
C on t e n t s S he e t C on t e n t s
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 0 3
15
16
16
11
12
13
14
Page
3
4
5
6
7
8
9
10
Cover Sheet
P a g e 2 o f 1 6

Not e from t his sample cont ent s sheet :
The workbook cover sheet does not appear in t he t able of cont ent s because it should
always be before t he cont ent sheet . However, a hyperlink t o t he workbook cover sheet
has been included at t he t op of t he worksheet t o ensure t hat model users can access
every worksheet in t he model from t he cont ent s sheet ;
The workbook sheet t ype hierarchy is represent ed using indent levels i. e. sect ion
cover sheet s are t he highest level indent ing t o non- cover sheet s as t he lowest level.
This approach visually communicat es t o model users and ot her developers t he
st ruct ure of t he underlying model; and
The inclusion of a print ed page numbers column t o enable t he user- friendly print ing of
t he workbook.
There are import ant element s of t he previous sample cont ent s sheet which cannot be seen in
Print Preview mode. The following screen view of t he same sample Cont ent s Sheet has been
provided t o demonst rat e t hese element s:
Cont ent s Sheet Ex ampl e Scr een Vi ew

Not e from t his screen view of t he sample cont ent s sheet :
The grouping of all non- cover sheet rows in t he t able of cont ent s t o enable t he det ail
t o be compact ed and expanded as t he underlying workbook becomes larger;
The use of a sheet t op hyperlink in cell A6 t o enable model users t o rapidly reset t o
worksheet t o t he t op posit ion ( as per t he example provided in 3. 4 Window Panes and
Split s) ; and
The freezing of window panes around cell B7 t o ensure t hat all t he import ant
informat ion above row 7 is kept in view even aft er a model user scrolls down t he
worksheet . This also ensures t hat t he sheet t op hyperlink in cell A6 is always in view.
The manner in which rows and columns are sized t o accommodat e t he t able of cont ent s is up
t o t he model developer. However, once t he st ruct ure is set up t o handle all cover sheet and
non- cover sheet sheet t ypes, it should not change t hereaft er.
Model Schemat i c Sheet s
The model schemat ic sheet t ype is not different iat ed from t he ot her sheet t ypes list ed in
BPMS 1- 3 and BPMC 1- 1 purely because it houses diagrams, flowchart s, drawing obj ect s,
et c. I n fact , t he primary dist inguishing feat ure of a model schemat ic sheet is it s grid
st ruct ure which is used t o accurat ely posit ion obj ect s over and around it s worksheet ranges.
This grid st ruct ure, as t he following example will demonst rat e, is achieved t hrough t he
adj ust ment of t he row height and column widt hs of all rows and columns on each model
schemat ic sheet ( ot her t han t he sheet t it le and headings rows) t o creat e a grid of perfect
squares. Because t hese squares are worksheet ranges, all worksheet formula funct ionalit ies
are ret ained for use alongside and wit hin t he obj ect s insert ed wit hin t he worksheet .
The following example shows a simple model schemat ic sheet in print preview. The diagram
insert ed on t he worksheet depict s t he simple conglomerat ion of t wo companies; Company 1
and Company 2.
Model Schemat i c Sheet Ex ampl e
Model Schemat ic
M odel Name

Equi t y
Debt
T ot a l C a pit a l
Equi t y Equi t y
Debt Debt
T ot a l C a pit a l T ot a l C a pit a l
Fi le N a me . x ls
M ode l S c he ma t ic S he e t M S
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 0 3
$ 2 5 0
P a g e 1 o f 1
$ 5 0 0
$ 5 0 0
# # # # #
Company 1 Company 2
Combi ned Company
$ 2 5 0
$ 2 5 0
$ 5 0 0 $ 5 0 0
$ 2 5 0

Because t he above example model schemat ic sheet is shown in print preview, it is not
possible t o view t he under lying grid st ruct ure which has made t he perfect layout of t he
diagram very simple.
To demonst r at e t his grid st ruct ure, t he screen view of t he same model schemat ic sheet is
shown below:
Model Schemat i c Sheet Ex ampl e Scr een Vi ew

Not e from t his screen view:
The grid of squares creat ed by equat ing all row height s and column widt hs;
The use of merging t o ensure t hat dat a insert ed in t he worksheet ranges fit s wit hin t he
merged ranges and does not re- size rows or columns t o aut o fit ;
The placement of shapes ( wit h no fill colour in t his example) aligned wit h worksheet
ranges t o ensure perfect alignment and posit ioning; and
The use of visible gridlines and page breaks ( t he dot t ed lines along t he right hand and
bot t om edges of t he screen) t o ensure t he perfect alignment of t he diagram wit hin t he
model schemat ic sheet .
From t his simple example it can be seen t hat t he use of t he grid st ruct ure in a model
schemat ic sheet creat es t he maximum level of layout and design cont rol for schemat ic
diagrams. However, t he main advant age of t he appr oach is t hat it allows complex worksheet
calculat ions t o be included in conj unct ion wit h diagrams ( and even chart s) t hat can be easily
posit ioned and aligned.
The development of clear, informat ive and impressive model schemat ic sheet s ( and t he
diagrams wit hin t hem) is somet hing which becomes quicker and easier wit h pract ice. Model
shemat ic sheet s can be const ruct ed t o represent anyt hing from simple flow chart s or
st ruct ure diagrams t o det ailed schemat ics breaking out t he logic behind complex model
formulae.
The following example shows how a model schemat ic sheet can be used t o house a t able, a
diagram and 2 chart s a layout oft en referred t o as a Dashboard:
Model Schemat i c Sheet Dashboar d Ex ampl e
Model Schemat ic
M odel Name

Y e a r E n din g D e c e mbe r
Compan y 1 Reven ue Equi t y
Compan y 2 Reven ue Debt
T ot a l R e v e n ue T ot a l C a pit a l
Oper at i n g Expen ses
E B I T D A
Depr eci at i on & Amor t i sat i on
E B I T
I n t er est Expen se
E B T
Tax Expen se
N P A T
Fi le N a me . x ls
M ode l S c he ma t ic S he e t M S
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 1 0
Home / Cont ent s
2 0 1 0 2 0 1 1
2 7 5
2 0 1 4
Consol i dat i on Di agr am ( A$m)
C o mb i n e d C o mp a n y
Consol i dat e Pr of i t & Loss Summar y ( A$m)
2 0 1 2 2 0 1 3
Equi t y: $ 5 0 0
C o mp a n y 1
$ 5 0 0
$ 5 0 0
# # # # #
P a g e 1 o f 1
( 3 6 ) ( 3 9 ) ( 3 7 )
8 4
C o mp a n y 1
Equi t y: $ 5 0 0
1 5 1
1 9 3
( 4 2 )
8 6
( 4 5 )
1 2 0
2 5 0
2 0 0
4 5 0
( 2 15 )
2 3 5
( 7 5 )
1 6 0
( 4 0 )
2 6 9
2 0 5
4 7 4
( 2 2 6 )
2 4 8
( 7 7 )
1 7 1
( 4 1)
1 3 1
9 1
2 6 2
2 10
4 7 2
( 2 2 9 )
2 4 3
( 7 9 )
1 6 4
( 4 1)
1 2 3
2 6 9
2 15
4 8 4
( 2 3 3 )
2 5 1
( 8 1)
1 7 0
( 4 2 )
1 2 9
( 8 3 )
( 3 9 )
1 0 6 9 0
2 3 7
5 1 2
( 2 3 6 )
2 7 6
Ent er pr i se Val ue Reconci l i at i on
5 0 0
1 0 0
2 2 0
1 0 0
1 , 0 0 0
5 0 2 5
5 0
7 5
2 0
6 0
1 0
T ot al Revenue Br eakdown
0
100
200
300
400
500
600
2010 2011 2012 2013 2014
Company 1Revenue Company 2 Revenue

Not e t hat model schemat ic sheet s are by nat ure always out put sheet s i. e. assumpt ions
should never be ent ered on model schemat ic sheet s. I t is for t his reason t hat it is import ant
t hat most of t he informat ion included on a model schemat ic sheet be linked t o t he out put of
t he underlying model by formula t o ensure t hat it remains live as t he calculat ions in t he
model change t he out put dat a.
Addit ionally, model developers may want t o present informat ion in ways which is not
possible wit hout breaching t he purpose- based format t ing requirement s of t he st andards
e. g. in t he above example where whit e font colour has been used for t he headings on t he t op
t wo t iles in t he dashboar d. This should be done via t he use of present at ion sheet s and
present at ion st yles, which are by nat ure exempt from t he st andards and convent ions. See
Chapt er 7 for a det ailed discussion of present at ion sheet s.
Ti me Ser i es Sheet s
The dist inguishing charact erist ic of all t ime series sheet s is t he inclusion of t ime series period
t it les which st at e t he periods over which dat a is being analysed. For more informat ion on
Time Series Analysis, see Chapt er 10.
The following example shows a t ime series out put sheet cont aining some sample revenue
forecast s for a hypot het ical company, Company 1:
Ti me Ser i es Out put Sheet Ex ampl e
Company 1 - Revenue Pr oj ect ions
M odel Name

Y e a r E n din g 3 1 D e c e mbe r
Revenue Summar y - A$m
Reven ue St r eam1
Reven ue St r eam2
Reven ue St r eam3
Reven ue St r eam4
Reven ue St r eam5
Reven ue St r eam6
Reven ue St r eam7
Reven ue St r eam8
Reven ue St r eam9
Reven ue St r eam10
T ot a l R e v e n ue
Revenue Gr owt h Summar y - % p. a.
Reven ue St r eam1
Reven ue St r eam2
Reven ue St r eam3
Reven ue St r eam4
Reven ue St r eam5
Reven ue St r eam6
Reven ue St r eam7
Reven ue St r eam8
Reven ue St r eam9
Reven ue St r eam10
Fi le N a me . x ls
T ime _ S e r ie s _ Out put _ S he e t _ T O
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 1 0
Home / Cont ent s
P a g e 1 o f 1
2 0 1 0 2 0 1 6 2 0 2 2 2 0 2 3 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 1 4 2 0 1 2 2 0 1 3 2 0 1 5
2 7 1 . 4 2 7 8 . 2 2 8 5 . 2
18 . 8
2 6 . 9
17 . 5
2 5 . 0
7 . 5
5 2 . 5
10 . 0
4 0 . 7
3 7 . 5
16 . 3
19 . 5 19 . 0
2 7 . 1
8 . 1
2 0 1 1
15 . 0
3 7 . 5
2 5 0 . 0 2 6 8 . 8
16 . 1
4 0 . 3
18 . 8
3 2 . 3
17 . 5
3 0 . 0
8 . 1
5 6 . 4
10 . 8
4 0 . 3
3 2 . 6
2 7 . 8
8 . 3
5 8 . 4
11. 1
4 1. 7
5 7 . 0
10 . 9
4 0 . 7
19 . 0
8 . 6
5 9 . 9
11. 4
4 2 . 8
19 . 5
3 3 . 4
16 . 7
4 1. 7
17 . 1
4 2 . 8
2 0 . 5
2 9 . 2
8 . 8
6 1. 4
11. 7
4 3 . 8
2 0 . 0
2 8 . 5
12 . 0
4 4 . 9
2 0 . 0
3 4 . 2
2 0 . 5
3 5 . 1
2 1. 0
3 0 . 0
9 . 0
6 2 . 9
17 . 5
4 3 . 8
9 . 2
6 4 . 5
12 . 3
4 6 . 1
2 1. 0
3 6 . 0
18 . 0
4 4 . 9
18 . 4
4 6 . 1
2 2 . 0
3 1. 5
9 . 4
6 6 . 1
12 . 6
4 7 . 2
2 1. 5
3 0 . 7
12 . 9
4 8 . 4
2 1. 5
3 6 . 9
2 2 . 0
3 7 . 8
2 2 . 6
3 2 . 3
9 . 7
6 7 . 8
18 . 9
4 7 . 2
9 . 9
6 9 . 5
13 . 2
4 9 . 6
2 2 . 6
3 8 . 7
19 . 4
4 8 . 4
19 . 8
4 9 . 6
2 3 . 7
3 3 . 9
10 . 2
7 1. 2
13 . 6
5 0 . 8
2 3 . 2
3 3 . 1
2 4 . 3
3 4 . 7
10 . 4
7 3 . 0
14 . 2
5 3 . 4
2 3 . 7
4 0 . 7
13 . 9
5 2 . 1
2 4 . 9
4 2 . 7
2 4 . 9
3 5 . 6
10 . 7
7 4 . 8
3 2 2 . 7 3 3 0 . 7
2 4 . 3
4 1. 7
2 0 . 8
5 2 . 1
2 0 . 3
5 0 . 8
2 3 . 2
3 9 . 7
2 9 2 . 3 2 9 9 . 6 3 0 7 . 1 3 1 4 . 8
2 1. 4
5 3 . 4
3 3 9 . 0 3 4 7 . 5 3 5 6 . 1
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %

Not e from t his sample t ime series out put sheet :
The inclusion and consist ent layout and placement of t ime series period t it les in t his
case annual periods st art ing from 2010; and
The perfect alignment of t he decimal places for bot h numbers and percent ages ( as
recommended by BPMC 4- 2 Cell Dat a Alignment ) .
One of t he most import ant element s of t ime series sheet s is t he use of window panes t o
ensure t hat t he t ime series period t it les remain in view even when model users scroll down
t he worksheet . The following screen view of t he same t ime series out put sheet demonst rat es
how t his t echnique is used:
Ti me Ser i es Out put Sheet Ex ampl e Scr een Vi ew

Not e from t his screen view:
Calculat ions support ing t he t ime series period t it les ( in rows 8 13) have been
grouped and t herefore hidden from view t o simplify t he sheet layout ; and
The window panes have been frozen around cell B14 ( as per BPMC 3- 9) t o ensure t hat
t he t ime series period t it les in row 7 remain in view when model users scroll down t he
worksheet .
This example also demonst rat es t he consist ent and logical applicat ion of purpose- based
st yles and format s as discussed in Chapt er 1, Gener al Concept s and Chapt er 4, Format s and
St yles.
Not e t hat t he only difference bet ween t he layout and present at ion of t ime series out put
sheet s and t ime series assumpt ion sheet s is t he fill colour propert y of t he sheet ( see BPMC
1- 2 Sheet Purpose I dent ificat ion) . I f t he sheet consist ency principles discussed in 3. 2 Sheet
Consist ency are correct ly followed, t he sheet s should be visually reconcilable but for t he
det ailed cont ent wit hin t he sheet - i. e. t he following t ime series assumpt ion sheet could
correspond wit h t he t ime series out put sheet example provided above:
Ti me Ser i es Assumpt i on Sheet Ex ampl e
Company 1 - Revenue Pr oj ect ions Assumpt ions
M odel Name

Revenue St r eam Assumpt i ons
R e v e n ue S t r e a m N a me s :
Fi le N a me . x ls
T ime _ S e r ie s _ A s s umpt ion _ S he e t _ T A
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 1 0
Home / Cont ent s
2 . 5 0 % 2 . 5 0 % 7 . 5 0 % 1. 0 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 0 2 1 2 0 2 2 2 0 2 3
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 17 . 5 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 3 0 . 0 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 15 . 0 7 . 5 0 % 1. 0 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
3 7 . 5 7 . 5 0 % 1. 0 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
Reven ue St r eam7
Reven ue St r eam8
Reven ue St r eam1
Reven ue St r eam2
Reven ue St r eam3
Reven ue St r eam4
B a s e
Reven ue St r eam5
Reven ue St r eam6
5 2 . 5
17 . 5
2 5 . 0
7 . 5
3 7 . 5
10 . 0
Reven ue St r eam9
Reven ue St r eam10
P a g e 1 o f 1

Not e t hat no cont rols have been insert ed on t his t ime series assumpt ion sheet t o ensure t hat
t he example remains simple. I n realit y, cont rols should always almost be used when
developing assumpt ion ent ry int erfaces t o minimise pot ent ial errors during t he assumpt ion
ent ry process. This concept is discussed in det ail in Chapt er 5, Assumpt ion Ent ry I nt erfaces.
Look up Sheet s
When insert ing cert ain cont rols int o a spreadsheet model ( part icularly drop down boxes and
list boxes) ranges must be specified which cont ains t he dat a t hat will t he list s wit hin t hese
cont rols. This reference dat a is referred t o as lookup dat a and should always be placed on
lookup t ables on lookup sheet s ( see BPMS 5- 4 Cont rol Lookup Dat a) . I n t his way, t he lookup
dat a for all cont rols in a spreadsheet model will be cent rally locat ed in a known posit ion, and
can be easily accessed or updat ed.
The following example shows a lookup sheet cont aining some sample lookup t ables for use in
cont rols and formulae t hroughout t he surrounding workbook:
Look up Sheet Ex ampl e
Time Ser ies Lookup Tables
M odel Name

Ti me Ser i es Lookup Tabl es
M o n t h N a me s N a me s
LU_Mt h_Names
D e n o mi n a t i on N a me s
LU_Den om
Bi l l i on s
Mi l l i on s
Thousan ds
Cur r en cy
P e r i o d i c i t y N a me s
LU_Per i odi ci t y
An n ual
Semi _An n ual
Qt r l y
Mt hl y
Y e s / N o N a me s
LU_Yes_No
Yes
No
Fi le N a me . x ls
Look up_ S he e t _ LU
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 0 3
Home / Cont ent s
$
M on t h N a me s
Jan uar y
Febr uar y
Mar ch
Apr i l
May
Jun e
July
Oct ober
November
December
M ode l P e r iod T y pe
An n ual
Semi- An n ual
Y e s / N o
Yes
August
Sept ember
No
Quar t er ly
Mon t hl y
$ Bi l l ion s
$ Mi l l ion s
$ '0 0 0
P a g e 1 o f 1
D e n omin a t i on

Not e from t his sample lookup sheet :
The clear and consist ent layout and format t ing of all t he lookup t ables wit hin t he
lookup sheet ;
A single column of lookup t ables has been included wit hin t he lookup sheet , making
t he addit ion and removal of lookup t ables easy wit hout concern for ot her lookup t ables
which might ot herwise have been insert ed in a second or t hird column of lookup
t ables;
The naming of each lookup t able in accordance wit h t he range naming principles
recommended in BPMC 9- 5 Range Naming Prefixes e. g t he first lookup t able
provides a list of mont h names and has accordingly been named LU_Mt h_Names; and
The communicat ion of t he range names applied in a names column next t o each
lookup t able, including t he range names applied t o lookup t able it ems e. g. Yes and
No in t he bot t om lookup t able.
Lookup t ables should be placed on t heir corresponding lookup sheet s dividing logically by
area. Different lookup sheet s should be creat ed for each area wit hin a model t hat ut ilises
lookup ranges. Lookup sheet s cont aining lookup dat a t hat will be used in cont rols and
formulae t hroughout t he model ( such as t he lookup sheet in t he above example) should be
t it led in a way which indicat es t his general applicabilit y and placed at t he st art of t he lookup
sect ion wit hin a workbook.
I mport ant ly, lookup sheet s are purely funct ional i.e. t heir sole purpose is t o provide a
dedicat ed area t o house lookup dat a. As a result , t he ent ire lookup sect ion of a workbook is
oft en hidden aft er t he model is complet ed. Hence, a st rict applicat ion of sheet consist ency
and st ruct uring rules should be applied when developing lookup sheet s and insert ing lookup
t ables.
Not e t hat similarly t o model schemat ic sheet s, lookup sheet s should never cont ain
assumpt ions and should t herefore never be assumpt ion sheet s. Alt hough t he lookup t able
dat a is dat a t hat is ent ered int o t he model by t he model developer during t he model
const ruct ion process, it should never be int ended t o be changed by model users and is
t herefore by implicat ion non- assumpt ion in purpose.
Bl ank Sheet s
As discussed in Chapt er 1, t he blank sheet t ype is a residual sheet t ype i. e. it is designed
t o facilit at e any t ype of sheet cont ent t hat does not fall wit hin one of t he ot her sheet t ypes
list ed in BPMS 1- 3 Sheet Cont ent and BPMC 1- 1 Sheet Types. The following example shows
t he Print Preview of an empt y blank out put sheet :
Bl ank Out put Sheet Ex ampl e
Blank Out put Sheet
M odel Name

Fi le N a me . x ls
B la n k _ Out put _ S he e t _ B O
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 0 3
Home / Cont ent s
P a g e 1 o f 1

Not e t he consist ency of t he layout of t he blank out put sheet wit h t he ot her sheet t ype
examples previously provided. Alt hough t he cont ent of blank sheet s will be of varying t ypes,
t he general sheet consist ency principles st at ed in BPMS 3- 1 Sheet Tit les and BPMC 3- 1 Sheet
Cont ent Consist ency should be st rict ly followed t o prevent blank sheet s from breaking down
t he consist ency and flow of t he surrounding spreadsheet model.
For complet eness, t he print preview of an empt y blank assumpt ion sheet is shown below:
Bl ank Assumpt i on Sheet Ex ampl e
M odel Name

Fi le N a me . x ls
B la n k _ A s s umpt ion _ S he e t _ B A
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 0 3
Home / Cont ent s
P a g e 1 o f 1

Not e t hat alt hough t he assumpt ion grey fill colour of t he assumpt ion sheet s in t he previous
examples fills t he ent ire screen when working on screen, only t he print area of each
worksheet will be print ed grey.
Char t Sheet s
As st at ed in BPMC 3- 3, chart sheet s should not be used in t he development of best pract ice
spreadsheet models because t hey reduce t he navigat ional user- friendliness of t he underlying
workbook.
I n addit ion t o causing workbook navigat ional problems, chart sheet s are difficult t o st ruct ure
and present in a consist ent and logical way. Experienced model developers will know how t o
place t ext boxes and ot her obj ect s wit hin a chart sheet t o mimic t he st ruct ure of
neighbouring worksheet s, but t hese t echniques are complicat ed, imperfect and generally
t roublesome, let alone confusing t o average model users.
For t hese reasons, and because it is simply not possible t o perfect ly st andardise all chart
sheet s wit hin a spreadsheet model, a chart sheet example is not provided in t hese
st andards.
3.8. Sheet Ty pe Component Summar i es
The following t able provides a summary of t he basic component s common t o each sheet
t ype, t aking int o account t it les, headings, hyperlinks and ot her component s which t oget her
dist inguish each sheet t ype from one anot her. The non- generic informat ion included wit hin
some sheet t ypes has been highlight ed in it alics.
Sheet Ty pe Common Component s
Workbook Cover Model name ent ry ( const ant )
Ent it y ent ry ( const ant )
Go t o Table of Cont ent s hyperlink
Workbook cover sheet not es
Sect ion Cover Sect ion t it le
Sect ion number
Model name reference ( for mula link)
Sheet left / right hyperlinks ( if applicable)
Error / sensit ivit y / aler t check hyperlinks ( if applicable)
Sect ion cover sheet not es
Sub- Sect ion Cover Sub- sect ion t it le
Sub- sect ion number
Sub- sect ion cover sheet not es
Cont ent s Tit le ( e. g. Table of Cont ent s)
Sheet t op hyperlink
Frozen panes
Table of Cont ent s
Model Schemat ic Sheet t it le
Frozen panes
Row height s and column widt hs set t o square grid
Schemat ic diagrams
Sheet Ty pe Common Component s
Time Ser ies Sheet t it le
Frozen panes
Time series period t it les
Dat a analysed over mult iple t ime series periods
Lookup Sheet t it le
Model Name reference ( for mula link)
Frozen panes
Lookup t ables
Blank Sheet t it le
Model Name reference ( for mula link)
Frozen panes
Residual cat egory informat ion
Chart Sheet t it le
Not e t hat many of t he component s common t o each sheet t ype are also common t o all sheet
t ypes. This t able indicat es t he different component s t hat should be laid out and present ed
consist ent ly t o achieve bot h general sheet consist ency and sheet t ype consist ency as
discussed ear lier in 3. 2 Sheet Consist ency.

Spr eadsheet Model l i ng Ar ea 4 For mat s & St y l es
Chapt er 4.
Format s and St yles
4.1. Pur pose- Based For mat t i ng
The concept of purpose- based format t ing was int roduced in Chapt er 1, Gener al Concept s. As
discussed in t hat chapt er, purpose- based format t ing is used for t wo primary purposes:
1) Cell ident ificat ion ( see BPMC 1- 3 Cell Cont ent I dent ificat ion and BPMC 1- 4 Cell Purpose
I dent ificat ion) ; and
2) Sheet ident ificat ion ( see BPMC 1- 2 Sheet Purpose I dent ificat ion) .
This chapt er furt her discusses cell ident ificat ion t echniques in more det ail and int roduces t he
use of st yles as a means of efficient ly applying purpose- based format s.
For mat s and St y l es
While t he word format is used generally t o refer t o t he out ward appearance of somet hing,
it s definit ion is far narrower for t he purposes of best pract ice spr eadsheet modelling. For t he
purpose of t hese st andar ds, a format may be t hought of as a single propert y of an obj ect
which affect s it s appearance. For example, in many spreadsheet applicat ions, t he following
format s may be applied t o t he font component of a cell:
a) Name;
b) Size;
c) Bold;
d) I t alic;
e) Underline;
f) Colour;
g) St riket hrough;
h) Superscript ; and
i) Subscript .
While each of t hese format s affect s t he appear ance of t he underlying cell ( or more accurat ely
t he appearance of t he font of t he underlying cell) , not one of t hem can alone be correct ly
described as t he format of t he cell. This is because t he appear ance of a cell is det ermined by
t he combinat ion of it s format propert ies, which t oget her form t he st yle of t hat cell.
The t erms format and st yle are oft en used int erchangeably, which has result ed in many
model developers assuming t hat format s and st yles are t he same t hing. I n fact , a st yle is a
collect ion of pre- det ermined format s which are applied t o a cell in one act ion rat her t han
independent ly. Hence, t he use of well prepared purpose- based st yles is st rongly
recommended t o ensure consist ent format t ing and efficient model const ruct ion.
Hence, before discussing t he basic creat ion and applicat ion of st yles, it is import ant t o
underst and t he difference bet ween a format and a st yle. The following definit ions have been
provided for use wit hin t hese St andards:
a) For mat : A single propert y of a cell or ot her obj ect t hat affect s it s out ward
appear ance; and
b) St y l e: A collect ion of pre- det ermined format s consist ent ly applied t o cells or ot her
obj ect s.
I t can be seen from t hese definit ions how t he creat ion and applicat ion of st yles, as opposed
t o t he ongoing applicat ion of individual format s, can great ly reduce model development t ime.
For mat s and St y l es Key
The key t o best pract ice cell ident ificat ion is t he consist ent applicat ion of a set of format s
( oft en t hrough a pre- det er mined set of st yles) t o t he cells wit hin t he workbook t o efficient ly
communicat e t o model users and ot her model developers t he cont ent and purpose of each
cell.
This process is done via t wo st eps:
1) Det ermine t he format s ( and st yles) t o be used t o indicat e cell cont ent and purpose;
t hen
2) Communicat e t he purpose of each format ( and st yle) t o model users and ot her model
developers.
The first of t hese st eps can be done at t he discret ion of t he model developer or in accordance
wit h t he recommended sheet and cell classificat ion colour- coding principles enunciat ed in
BPMC 1- 2 BPMC 1- 4. The second st ep is governed by BPMS 4- 1 and is achieved t hrough
t he inclusion of a cent ralised Format s and St yles Key:
Every workbook should cont ain a key or legend t hat explains t he purpose of
each for mat and st yle t hat has been applied t o t he cells in t he workbook.
The Format s and St yles Key should cont ain examples of each st andardised format and st yle
t hat has been applied in t he workbook wit h an associat ed definit ion. Addit ionally, if t he
colour- coding principles recommended in t hese st andards have been adopt ed as t he basis for
deriving purpose- based format s and st yles, a reference t o t hese st andards could be included
in t he workbook.
I f t he colour- coding principles recommended by t he sheet and cell ident ificat ion convent ions
in BPMC 1- 2 BPMC 1- 4 have been ut ilised, t he Format s and St yles Key should appear
somet hing like t he following ( placed wit hin a blank out put sheet ) :
Col our Name Col our Descr i pt i on / Pur pose Ex ampl e
Font Col our s
Const ant I ndicat es ranges cont ain 100% const ant ( e. g.
t ext / numbers) .
Const ant
Formula I ndicat es ranges cont ain pur e formulas /
out put calculat ions.
For mul a
Mixed I ndicat es ranges cont ain a mixt ur e of formulas
and const ant s ( e. g. formulas t hat cont ain
embedded t ext or number s) .
Mi x ed
Check I ndicat es oper at ive checks normally used as
a condit ional format .
Check
Hyperlink I ndicat es ranges cont ain hyperlinks t o ot her
ranges wit hin t he workbook or t o ot her linked
models.
Hy per l i nk
Fi l l Col our s

Assumpt ion Sheet Dist inguishes assumpt ion sheet s.

Work in Progress ( WI P) I ndicat es ranges cont ain dat a or formulae t hat
remain uncert ain or are subj ect t o change

Assumpt ion Cell Dist inguishes assumpt ion cells.

This Format s and St yles Key could also include a summary of t he hyperlinks used t hroughout
t he workbook t o furt her communicat e t o model users and ot her model developers t he
syst ems ut ilised in t he spreadsheet model.
I f t he hyperlinks recommended in BPMC 4- 4 ( discussed below) are followed, t he hyperlinks
sect ion of t he Format s and St yles Key should appear somet hing like t he following:
Hy per l i nk Ty pe Descr i pt i on / Pur pose Ex ampl e
Cover Hyperlink Links Cont ent s Sheet t o Cover Sheet Go t o Cover Sheet
Home Hyperlink Links worksheet s t o Cont ent s Sheet Go t o Tabl e of Cont ent s
Cust om Hyperlink Links worksheet ranges t o ot her
worksheet ranges in t he model

Li nk ed Cel l Tex t
Sheet Top
Hyperlink
Scrolls worksheet t o t he upper- most
viewable sect ion

Sheet Lef t
Hyperlink
Links act ive worksheet t o t he previous
visible worksheet

Sheet Right
Hyperlink
Links act ive worksheet t o t he next visible
worksheet

Error Check
Hyperlink
Links worksheet ranges t o t he workbook
error checks summary ( if included) .

Sensit ivit y Check

Hyperlink
sensit ivit y checks summary ( if included) .

Aler t Check
Hyperlink
aler t checks summary ( if included) .

The inclusion of a Format s and St yles Key becomes more import ant as t he number of
expect ed model users increases and as t he level of familiarit y t hat t hese model users will be
expect ed t o have wit h t he spreadsheet model increases. Generally, it is recommended t hat
every workbook cont ain a Format s and St yles Key t o prevent any pot ent ial confusion in
underst anding t he purpose of t he format s and st yles used in t he workbook.
4.2. St y l es
The implement at ion of purpose- based format t ing and t he required colour- coding of each
worksheet cell can become ext remely t edious when const ruct ing large and complex
spreadsheet models. This process can be made far more efficient via t he use of a number of
preset purpose- based st yles t hat can be repeat edly applied on command and ensure t hat all
t he purpose- based format t ing requirement s are met for each cell in each worksheet .
BPMC 4- 1 Use of Pur pose Based St y l es
I t is recommended t hat st andardised, purpose based st yles be applied in
order t o adopt t he most efficient met hod of applying differ ent combinat ions
of format s and consist ent ly ident ify and different iat e cell purpose and cell
cont ent .
Alt hough t he use of st yles is not st rict ly necessary t o effect purpose- based for mat t ing
( because format s could be applied individually t o achieve t he same out come) , an overview of
t he concept s has been included in t hese st andards due t o t he significant t ime savings t hey
can creat e.
A Not e on t he Cel l Pr ot ect i on For mat
Alt hough explained in more det ail in Chapt er 12, Securit y and Prot ect ion, it is import ant t o
not e t he relevance of cell prot ect ion before discussing t he creat ion of purpose- based st yles.
For a full explanat ion of t he concept s of workbook and worksheet securit y and prot ect ion,
see t he Securit y and Prot ect ion chapt er st art ing on page 229.
When adopt ing purposed- based format t ing, t he model developer should ensure t hat all
assumpt ion cells are always unlocked and all non- assumpt ion cells are always locked. This
will ensure t hat when t he workbook and it s component sheet s ar e prot ect ed, model users will
be prevent ed from inadvert ent ly changing non- assumpt ions cells, such as out put formulae,
headings or ot her worksheet infrast ruct ure.
By default , most spreadsheet applicat ions will assume t he model developer want s t o lock all
of t he cells in each worksheet . This is a safe default , but will result in models being unusable
( if format s and st yles are not used correct ly) if t he worksheet s are prot ect ed because model
users will not be able t o change any assumpt ions. Hence, assumpt ion cells will need t o be
unlocked each t ime t hey are creat ed t o ensure t he correct operat ion of a prot ect ed
spreadsheet model.
Not e as an addit ional considerat ion t hat a special t ype of assumpt ion cell may exist in t he
form of a cont rol cell link. I n t he event t hat cont rol cell links are not unlocked and t heir
parent worksheet is locked, model users will not be able t o change t he value in t he cont rol
( which it self is an assumpt ion ent ry int erface see Chapt er 5) . Hence, cell links need t o
have t heir cell prot ect ion propert y unlocked ( or a special unlocked st yle applied t o t hem)
when cont rols are linked t o t hem t o prevent t his problem from arising.
Cell prot ect ion is an import ant component of cont rolling assumpt ion ent ry int erfaces ( see
Chapt er 5) and becomes more import ant wit h t he likelihood of t he final spreadsheet model
being used by model users independent ly of t he model developer . As a result , ensuring t he
correct ness of t he cell prot ect ion proper t y of each st yle is fundament al t o t heir correct
operat ion.
Basi c Pur pose- Based Use of St y l es
Alt hough st yles may cont ain many different component s, t here are only t hree crit ical
component s. The following st yle component s must be correct ly pre- det ermined if st yles are
t o be used t o efficient ly effect purpose- based format t ing:
St y l e Component Pur poses
Font Colour I ndicat es t he cont ent of a cell ( i. e. const ant , formula or mixed) .
Fill Colour I ndicat es t he purpose of a cell ( assumpt ion vs. non- assumpt ion)
when used on an assumpt ion sheet .
Locked Allows or prevent s a cell from being changed when it s worksheet
is prot ect ed.
Not e t hat t he st yle component s relat e direct ly t o t he cell cont ent and purpose ident ificat ion
requirement s of BPMC 1- 3 Cell Cont ent I dent ificat ion and BPMC 1- 4 Cell Purpose
I dent ificat ion as discussed in Chapt er 1, General Concept s.
At a minimum, st yles should be creat ed and applied t o different iat e bet ween:
Cells cont aining const ant , out put and mixed cell cont ent ; and
Assumpt ion cells and non- assumpt ion cells.
The following t able shows t he process of different iat ing t he most basic st yle set required t o
undert ake purpose- based format t ing using st yles:
Ce l l Pu r p o se Ex a m p l e St y l e
Mixed
Wh i ch St y l e ?
Const ant
Ce l l Co n t e n t
Assumpt ion
Const ant
For mula
Mixed
Assumpt ion
Non- Assumpt ion
Non- Assumpt ion
Non- Assumpt ion
For mula

The minimum format component s of t hese basic st yles ( assuming t he adopt ion of t he
recommended modelling colours) are summarised below:
Ex ampl e St y l e Font Col our Fi l l Col our Lock ed
Assumpt ion Const ant Blue Whit e False
Const ant Const ant Blue N/ A True
Formula Formula Black N/ A True
Mixed Mixed Green N/ A True
Not e from t hese basic st yle examples:
Every st yle needs t o t ake int o account t he cont ent of t he underlying cell and indicat e
t his t hrough it s font colour component ;
Non- assumpt ion st yles should not include a preset fill colour because t he fill colour of
t hese cells will always be t he fill colour of t he sheet t o which t hey are being applied
( i. e. assumpt ions grey if an assumpt ion sheet , ot herwise whit e) ; and
Assumpt ions st yles are not locked t his will ensure t hat model users cannot change
non- assumpt ions in t he model unless grant ed t his right by t he developer ( by eit her not
prot ect ing t he worksheet s or disclosing t he worksheet prot ect ion passwords) .
Hence, it can be seen t hat t he cell cont ent ( i. e. const ant , formula or mixed) det ermines t he
font colour component of t he st yle, while t he cell purpose ( assumpt ion vs. non- assumpt ion)
det ermines t he fill colour and prot ect ion propert ies of t he st yle.
Ex t ensi ve Ut i l i sat i on of St y l es
Alt hough only a small number of basic st yles are required t o ensure t hat t he requirement s of
purpose- based format t ing are met , most model developers will wish t o use st yles ext ensively
t o minimise t he amount of t ime and effort required t o ensure workbook consist ency and
maximise t he aest het ic appeal of t heir spreadsheet models.
The ext ensive ut ilisat ion of st yles consist s of t wo st eps:
1) Det ermine t he exhaust ive set of different st yles t o be used in t he spreadsheet model,
considering pot ent ial:
a) Tit les;
b) Headings;
c) Number format s ( e. g. t ext , numbers, percent ages, et c) ;
d) Lookup t able format s;
e) Hyperlinks; and
2) Det ermine t he format propert ies of each of t hese st yles.
Because t her e are a finit e number of different t ypes of ent ry int o a workbook, t here are a
limit ed number of different st yles required by a model developer. The following diagram
shows an example of t he process which can be used t o creat e an ext ensive and generally
applicable set of st yles which will serve t he dual purposes of ensuring t hat best pract ice
purpose- based format t ing requirement s are met while allowing for significant cust omisat ion
of t he spreadsheet model worksheet s:
Hyper link
Per cent age
Lookup
Cur r ency
Multiple
Tit le 1 Mixed
Tit le 1 For mula
Ce l l Pu r p o se
Tit le 1 Assumpt ion
Tit le 1 Const ant
Ex a m pl e St y l e Na m e
Assumption
Non- Assumption
Non- Assumption
Non- Assumption
St y l e Gr ou p Cel l Con t en t
Mixed
For mula Tit les 1 - 3
Const ant
Headings 1 - 3
Year
Number
Dat e
Wh i ch St y l e ?

This example assumes t hat different st yles will be used wit hin each st yle for every different
cell cont ent and purpose combinat ion. I n realit y, it is more efficient t o only creat e an
assumpt ion and non- assumpt ion version of each st yle group ( which will ensure t hat t he
required fill colour and cell prot ect ion component s are correct ) and t hen if necessary set t he
font colour of t he cell t o const ant blue, formula black or mixed green ( formula black usually
being t he default ) . I f t his approach is adopt ed, font colour ( i. e. cell cont ent considerat ions)
should not be included as a component of t he st yle when it is creat ed and t he st yle creat ion
process is simplified t o t he following:
Headings 1 - 3
Year
Number
Dat e
Wh i ch St y l e ?
St y l e Gr o u p
Tit les 1 - 3
Ce l l Pu r p o se
Tit le 1 Assumpt ion
Tit le 1
Ex a m p l e St y l e Na m e
Assumpt ion
Non- Assumpt ion
Hyper link
Per cent age
Lookup
Cur r ency
Mult iple

I f t his simplified st yle st ruct ure is adopt ed, care must be t aken t o ensure t hat t he font colour
of cell ranges is format t ed correct ly aft er cont ent is ent ered t o ident ify t he underlying cell
cont ent i. e. const ant , formula or mixed.
St y l es Addi t i onal Comment s
Alt hough it is recommended t hat st yles be used ext ensively by model developers, a det ailed
discussion of t heir creat ion and applicat ion is out side t he scope of t hese st andards. However,
t he following point s should help model developers cr eat e and apply st yles safely, efficient ly
and effect ively:
Avoid t he t endency t o define t he component s of a st yle t oo precisely. For example, if a
heading st yle is creat ed, t his heading st yle will no doubt be used on bot h assumpt ions
sheet s and out put sheet s. Hence, if t he fill colour is specified as whit e, t his st yle will
only be appropriat e on out put sheet s, and anot her duplicat e st yle ( but for t he fill
colour format propert y) will be required for assumpt ion sheet s. This concept should
also be considered when debat ing t he inclusion of borders and alignment propert ies.
Generally, t he model developer must decide whet her each format propert y will always
be expect ed as part of a st yle, or whet her it s inclusion will act ually limit t he
applicabilit y of t he st yle or require frequent adj ust ment s t o cells post - st yle applicat ion;
St yles are workbook- specific, but almost all spreadsheet applicat ions allow t he
merging or adopt ion of st yles from anot her workbook. Hence, t he most efficient
means of ensuring t hat a set of st yles is used consist ent ly and efficient ly is t o creat e a
workbook t o hold t he st yles, and adopt t hem each t ime t he development of a new
spreadsheet model commences. Obviously t his t emplat e should be kept in a safe place
and only updat ed when changes are required t o t he base st yle set ; and
Avoid applying st yles t o cells on a case by case basis. I nst ead, become familiar wit h
t he Copy and Past e Special t ools which are available in spreadsheet applicat ions.
These t ools, among ot her t hings, allow only t he format of a cell t o be copied t o ot her
cells ( i. e. wit hout values or formulae being t ransferred) . I f t hese t ools are used in
conj unct ion wit h short cut keys, model developers should only have t o apply a st yle
once t o each sheet aft er which t hese format s can be copied and past ed repeat edly t o
ot her ranges wit hin t hat sheet .
Conversely, t he following point s should be not ed as caut ions t o model developers using
st yles ext ensively for t he first t ime:
Unlike a workbooks colour palet t e, cells which have already had st yles applied t o t hem
are not always ret rospect ively updat ed when changes are lat er made t o t he
component s of t hese st yles in all spreadsheet applicat ions. For example, if a st yle is
applied t o a large number of cells and t hen t he font name of t he st yle is changed, it is
likely t hat many of t he exist ing cells will ret ain t he original font name proper t y. The
model developer will t hen be required t o re- apply t he st yle on a case- by- case basis t o
each of t hese cells t o ensure consist ency. Alt hough t his problem is being addr essed
wit h t he advancement of modern spreadsheet applicat ions, it remains common and
difficult t o circumvent , and it is t herefore recommended t hat model developers be
cert ain about t he maj orit y of t heir st yle set t ings before commencing large spr eadsheet
modelling proj ect s; and
Avoid adding an excessive number of st yles t o a workbook. Alt hough it may be
sat isfying t o have a large number of different heading levels, et c, large numbers of
st yles require more applicat ion decisions and oft en result in inconsist encies bet ween
different cells in different sheet s. The general principle is one of underlying simplicit y
which t ends more t owards pract icalit y t han aest het ics.
4.3. Dat a Al i gnment
The grid nat ure of worksheet s allows t he model developer t he opport unit y t o int roduce
anot her dimension t o dat a different iat ion and present at ion, aside from font and cell
propert ies. That dimension is dat a alignment .
I n present ing dat a in different columns or rows t he model developer should consist ent ly
apply t his present at ion t o dat a of a similar t ype or purpose. I n doing so model users will be
able t o efficient ly int erpret and associat e t he different alignment levels of t he dat a wit hin t he
worksheet .
BPMS 4- 1 Wor k sheet Dat a Al i gnment
All dat a of t he same t ype on a worksheet should be consist ent ly aligned
down rows or across columns.
So it is import ant t hat model developers posit ion dat a wit hin a sheet so t hat it is consist ent ly
aligned bet ween columns and/ or rows. As such, t he model developer should consist ent ly
st art dat a of t he same t ype in t he same column and/ or row of a sheet .
BPMS 4- 2 Cel l Dat a Al i gnment
I t is recommended t hat all dat a wit hin cells or ranges of cells be aligned
such t hat differ ent number for mat s, including any relevant symbols are
perfect ly aligned t o t he right of t he cell or cell range ( different number
format s might include posit ive number s, negat ive number s, currency,
percent ages and mult iples) .
The nat ure of spreadsheet s is such t hat dat a wit hin cells should align eit her across columns
or down rows when it is viewed or print ed. This ensures t hat model developers and users can
efficient ly group, associat e and int erpret dat a wit hin a sheet . Having dat a on a worksheet
t hat is out of alignment diminishes t he abilit y of model users t o efficient ly underst and and
work wit h t he worksheet .
As such it is best pract ice t o ensure t hat all dat a t hat is cont ained on a sheet is consist ent ly
aligned, even where some dat a may have specific symbols or format s associat ed wit h t hem.
The example shows how various mult iples of 10 would appear following t he applicat ion of
different number format s wit h correct dat a alignment :
Nu m b e r Pe r ce n t a g e Mu l t i p l e Cu r r e n cy
(1, 000, 000. 0) (1, 000, 000. 0%) (1, 000, 000. 0x) ($1, 000, 000. 0)
(100, 000. 0) (100, 000. 0%) (100, 000. 0x) ($100, 000. 0)
(10, 000. 0) (10, 000. 0%) (10, 000. 0x) ($10, 000. 0)
(1, 000. 0) (1, 000. 0%) (1, 000. 0x) ($1, 000. 0)
(100. 0) (100. 0%) (100. 0x) ($100. 0)
(10. 0) (10. 0%) (10. 0x) ($10. 0)
0. 0 0. 0% 0. 0x $0. 0
10. 0 10. 0% 10. 0x $10. 0
100. 0 100. 0% 100. 0x $100. 0
1, 000. 0 1, 000. 0% 1, 000. 0x $1, 000. 0
10, 000. 0 10, 000. 0% 10, 000. 0x $10, 000. 0
100, 000. 0 100, 000. 0% 100, 000. 0x $100, 000. 0
1, 000, 000. 0 1, 000, 000. 0% 1, 000, 000. 0x $1, 000, 000. 0

Number format s can become quit e complicat ed. The most efficient way of ensuring t hat
correct ly aligned number format s are always applied is t o build t hem int o st yles and t hen
simply re- apply t hese st yles when required.
4.4. Dat a I dent i f i cat i on
There is a wide variet y of dat a t ypes t hat can be included in a spreadsheet model. The
following are j ust a few examples of different ways in which t he same number, 20. 5, could
be present ed in a spreadsheet model:
$20. 50, 2050%, 21kg, 20. 5x, 20. 5000Pj , 20/ 01/ 1900, 20. 500m2,
20. 5, 20. 5t ons, US$20. 50, 20. 500, 20. 50, 21, 20. 50MWh.
I t is t herefore import ant t hat model developers clearly ident ify t he denominat ion of all
numbers wit hin a model, whet her t hey have been ent ered as an assumpt ion or calculat ed as
an out put .
BPMS 4- 3 Denomi nat i on I dent i f i cat i on
Every number in a workbook should clearly indicat e what t ype of
denominat ion it is by eit her:
a) St at ing t he denominat ion of a number in an appropriat e corresponding
heading, t it le column, row or label; or
b) Format t ing t he number such t hat it is displayed as it s denominat or ( e. g.
$20, 20 t onnes, 20% or 20. 0x) .
Numbers t hat are included in a workbook will always be st at ed in a cert ain denominat ion. I n
t his regard it is import ant t hat bot h t he t ype of number and t he denominat ion of numbers be
clearly art iculat ed wherever numbers appear in a spreadsheet model.
This can be achieved by:
a) creat ing appr opriat e headings, t it les or labels for each group of numbers; or
b) format t ing numbers so t hat t hey clearly st at e t heir denominat ion.
BPMS 4- 4 governs t he use of single and mult iple denominat ions in a spreadsheet model:
BPMS 4- 4 Wor k book Denomi nat i on
There should be a primary denominat ion t hat is used consist ent ly
t hroughout t he workbook.
Where denominat ions differ from t he primar y denominat ion, t hey should be
clearly labelled t o infor m ot her model developers and model users.
Clearly indicat ing t he denominat ion of numbers in a spreadsheet model is part icularly
import ant on assumpt ion sheet s. For example, an assumpt ion ent ry int erface may allow a
model user t o ent er an assumpt ion on eit her a Tot al basis or on a Per Unit basis.
Depending on which opt ion t he model user select s, t he denominat ion will change ( i. e.
possibly from Dollars t o Dollars/ Unit ) . I n such a sit uat ion, it is fundament al t hat t he
change in denominat ion is clearly communicat ed ( in t his case via a heading or t it le) t o t he
model user t o prevent assumpt ion ent ry errors.
4.5. Wor k i n Pr ogr ess I dent i f i cat i on
I t is import ant for bot h model developers and model users t o keep t rack of areas wit hin a
spreadsheet model t hat are work in progress. Wor k in progress might include:
a) I ncomplet e calculat ion formulae;
b) I ncomplet e links from ot her worksheet s or workbooks;
c) Assumpt ions t hat are not finalised;
d) Missing assumpt ions or out put s; or
e) An area t hat has been t emporarily modified.
I t is import ant t hat areas wit hin t he model t hat are work in progress are clearly and visually
communicat ed as such t o bot h model users and ot her model developers.
As such it is recommended t hat model developers apply a dist inct ive fill colour t o cells t hat
are work in progress or subj ect t o change as a clear visual ident ifier for bot h t hemselves and
model users. BPMC 4- 3 recommends t he use of a light yellow fill colour t o achieve t his
obj ect ive:
BPMC 4- 3 Wor k i n Pr ogr ess I dent i f i cat i on
I t is recommended t hat any cells in a workbook which have not been
finalised be coloured in light yellow fill colour t o visually ident ify t hese cells
as being work in progress.
Not e t hat t he light yellow fill colour recommended in BPMC 4- 3 is consist ent wit h t he Work
I n Progress Yellow fill colour int roduced when discussing cell purpose ident ificat ion in
Chapt er 1, General Concept s.
4.6. Hy per l i nk For mat t i ng
When insert ing hyperlinks int o a workbook, a model developer is creat ing workbook
navigat ion t ools for t he workbook. These navigat ion t ools are import ant for bot h t he model
developer and model user, part icularly in large workbooks. As such, any hyperlinks t hat are
included in a workbook need t o be readily ident ifiable as being hyperlink navigat ion t ools.
This should be done t hrough t he use of a consist ent and dedicat ed format or st yle for all
hyperlinks in a workbook.
BPMS 4- 5 Hy per l i nk Consi st ency
All hyperlinks wit hin a workbook should use a consist ent , dedicat ed st yle or
format so t hat t hey ar e visually ident ifiable as being hyper links.
Ensuring hyperlink consist ency in t his way encourages model users t o easily recognise
hyperlinks and navigat e around a workbook in t he most efficient manner.
I t is furt her recommended t hat model developers adopt hyperlink format s t hat are clearly
different iat ed from ot her format s t hat are used in a workbook and t hat t he format mirror
t hose t hat are regularly used by people on t he int ernet . To achieve t hese obj ect ives it is
recommended t hat t he consist ent ly applied hyperlink format be a bold, underlined, plum
coloured font .
BPMC 4- 4 Hy per l i nk For mat s
I t is recommended t hat all hyperlinks in a workbook be consist ent ly
format t ed as f ollows:
a) Bold and under lined font ; and
b) Plum font colour.
Not e t hat t he plum font colour recommended in BPMC 4- 4 is consist ent wit h t he Hyperlink
Plum font colour int roduced when discussing cell cont ent ident ificat ion in Chapt er 1, Gener al
Concept s.
Spr eadsheet Model l i ng Ar ea 5 Assumpt i on Ent r y I nt er f aces
Chapt er 5.
Assumpt ion Ent ry I nt erfaces
5.1. Over vi ew
I n Chapt er 1, General Concept s, an assumpt ion was defined as:
Anyt hing wit hin a workbook t hat t he model developer int ends t o be manipulat ed by
model users t o affect t he workbook calculat ions.
Following on from t his definit ion, an assumpt ion ent r y int erface is:
An area wit hin a workbook in which an assumpt ion is ent ered or modified.
Assumpt ion ent ry int erfaces can t ake many forms including cells, cont rols and dialog boxes.
For a model developer, const ruct ing user friendly assumpt ion ent ry int erfaces is one of t he
most import ant aspect s of meet ing t he needs of model users. More import ant ly, const ruct ing
appropriat ely cont rolled assumpt ion ent ry int erfaces is crit ical t o maint aining t he int egrit y of
a spreadsheet model in t he hands of model users.
Every assumpt ion in a workbook should be ent er ed via an assumpt ion ent ry int erface. As
discussed in BPMS 1- 8 Assumpt ions Classificat ion, t here are t wo t ypes of assumpt ions t hat
can exist wit hin a workbook:
a) Base assumpt ions; and
b) Sensit ivit y assumpt ions.
Any reference in t hese st andards t o an assumpt ion or an assumpt ion ent ry int erface is a
reference t o bot h base assumpt ions and sensit ivit y assumpt ions. For more informat ion
regarding sensit ivit y assumpt ion ent ry int erfaces, see Chapt er 6, Sensit ivit y Analysis.
5.2. The I nt er f ace Cont r ol Concept
The development of best pract ice assumpt ion ent ry int erfaces wit hin a workbook is governed
by t he int erface cont rol concept . The int erface cont r ol concept requires t hat model
developers use every possible met hod of cont rolling t he assumpt ion t o be ent ered or
modified by model users t hereby minimising t he risk of an inappropriat e ent ry and flow on
errors wit hin a spreadsheet model.
Assumpt ions can be ent er ed in many forms including numbers, percent ages, boolean
choices, t ext , list choices and mult iple opt ions t o name a few. Most t ypes of assumpt ions
have a finit e number of possibilit ies.
Some examples of finit e assumpt ions include:
a) a boolean decision where t he assumpt ion must be eit her TRUE or FALSE;
b) a dat e assumpt ion where t he dat e t hat is ent ered must be aft er 1 January 2010;
c) a list of depreciat ion met hodology opt ions, where one of four different met hods must
be chosen;
d) a percent age, where t he percent age ent ered must not exceed 100%;
e) a number, where t he number must be a posit ive number; or
f) a number, where t he number must be an int eger.
When an assumpt ion ent ry int erface has a finit e number of possibilit ies, t he model developer
should ensure t hat model users are limit ed t o only t hose finit e assumpt ions when making
ent ries int o an assumpt ion ent ry int erface.
BPMC 5- 2 Assumpt i on Ent r y I nt er f aces
I t is recommended t hat every assumpt ion in a workbook t hat has a f init e
number of ent r y possibilit ies should use an assumpt ion ent r y int erface t hat
limit s t he model user t o only t hose finit e ent ry possibilit ies.
I f t he model developer does not limit t he assumpt ion ent ry int erface where t here are a finit e
number of assumpt ion possibilit ies, t here is a considerable risk t hat t he model user will ent er
or modify an assumpt ion inappropriat ely, compromising t he int egrit y of t he spreadsheet
model out put s.
To provide a simple example, consider an assumpt ion ent ry int erface t hat requires t hat a
percent age assumpt ion t o be ent ered must be bet ween 1% and 100%. I f t he model
developer has not limit ed t he assumpt ion ent ry int erface t o t his range of possibilit ies t here
are any number of invalid assumpt ions t hat model users could ent er t hat could compromise
t he out put s including, 101%, 1. 5, dog, 31/ 12/ 10 and 500 t o name a few.
Because model users generally do not know which assumpt ion ent ries are accept able and
which are not , it is import ant t hat t he model developer implement appropriat e limit s around
finit e assumpt ion ent ry int erfaces.
There are a number of t echniques t han can be used t o cont rol assumpt ion ent ry int erfaces.
These t echniques can be divided int o t wo t ypes of int erface cont rol:
1) Prevent at ive I nt erface Cont rol prevent s model users from ent ering unaccept able or
erroneous assumpt ions; and
2) Ret rospect ive I nt erface Cont rol warns model users aft er an unaccept able or erroneous
assumpt ion has been ent ered.
Clearly, prevent at ive cont rol is t he best met hod of cont rolling t he assumpt ion ent ry process.
However, as discussed below, t his will not always be possible and in such cases ret rospect ive
int erface cont rol must be used inst ead.
Pr event at i ve I nt er f ace Cont r ol
Prevent at ive int erface cont rol involves t he development of assumpt ion ent ry int erfaces in
such a way t o effect ively disallow t he ent ry of unaccept able or erroneous assumpt ions. As
discussed in t his sect ion of t hese St andards, t his is done primarily t hrough t he use of
cont rols, dat a validat ion and sheet prot ect ion.
BPMC 5- 1 Pr ev ent i ng I nv al i d Assumpt i on Ent r i es
I t is recommended t hat cont r ols, dat a validat ion and sheet prot ect ion be
used t o limit t he scope for model user s t o ent er invalid assumpt ions int o
assumpt ion sheet s.
Spreadsheet applicat ions offer many t ypes of cont rols, some of which can be cust omised by
t he model developer t o creat e any number of assumpt ion ent ry int erfaces t hat are required
during t he const ruct ion of a best pract ice spreadsheet model. Where cont rols are not suit able
( i. e. where a very large range of assumpt ions are accept able) , dat a validat ion allows t he
model developer t o define paramet ers t hat an ent ry int o a cell or range of cells must meet .
Furt her, dat a validat ion can be used t o display a screen t ip when t he mouse point er is
hovered over an assumpt ion cell, providing inst ruct ive informat ion t o model users.
I n addit ion t o t he use of cont rols and dat a validat ion t o prevent invalid assumpt ion ent ries,
model developers should ensure t hat all non- assumpt ions are locked and t hat all t he sheet s
in t he spreadsheet model are prot ect ed t o prevent t he manipulat ion of non- assumpt ions. The
prot ect ion of non- assumpt ions in t his way is recommended by BPMS 14- 1 and serves ot her
import ant funct ions. For a full discussion of t he st andards and convent ions relat ing t o
workbook and sheet prot ect ion, see Chapt er 14, Securit y and Prot ect ion.
Therefore it is recommended t hat model developers ext ensively use cont rols, dat a validat ion
and sheet pr ot ect ion as t ools t o creat e appropriat ely cont rolled assumpt ion ent ry int erfaces.
For more informat ion on cont rols and dat a validat ion, see 5. 4 Cont rols / Forms and 5. 5 Dat a
Validat ion. Bot h sect ions include det ailed examples and comment ary.
Ret r ospect i ve I nt er f ace Cont r ol
I n sit uat ions where prevent at ive int erface cont rol is not possible ( i. e. cont rols and dat a
validat ion do not adequat ely prevent t he ent ry of unaccept able or erroneous assumpt ions) ,
ret rospect ive int erface cont rol t echniques can be used t o minimise t he likelihood of
assumpt ion ent ry errors.
The primary purpose of t ools used t o ret rospect ively cont rol t he assumpt ion ent ry process is
t o immediat ely communicat e errors t o model users and, where possible, provide informat ion
relat ing t o t he cause of t he error. The most common form of ret rospect ive int erface cont rol is
t he use of error checks which may involve t he use of condit ional format t ing t o clearly
communicat e det ect ed err ors.
BPMC 5- 3 Cont r ol l i ng Assumpt i on Ent r y I nt er f aces
I t is recommended t hat combinat ions of t he f ollowing t ools be used t o limit
assumpt ion ent ry int erfaces t o finit e possibilit ies:
a) Cont rols;
b) Dat a validat ion;
c) Error checking;
d) Condit ional for mat t ing; and
e) Sheet prot ect ion.
For a full discussion of t he st andards and convent ions relat ing t o error checking, see 11. 2
Error Checks. For informat ion and examples relat ing t o condit ional format t ing, see 5. 6
Condit ional Format t ing below. For a full discussion of t he st andards and convent ions relat ing
t o workbook and sheet pr ot ect ion, see Chapt er 14, Securit y and Prot ect ion.
Model developers should aim t o creat e assumpt ion ent ry int erfaces which mirror t he
cont rolled manner in which dialog boxes collect informat ion from applicat ion users. For
example, t he Microsoft Excel
Print Dialog Box is shown below:

Not e t hat t his dialog box is act ually a set of cont rols which collect informat ion from users
while in each case eit her limit ing t he opt ions available ( which is done on a worksheet via
cont rols / forms) or warning t he user wit h prompt s ( which is done on a worksheet via dat a
validat ion and condit ional format t ing) .
5.3. Assumpt i on Ent r y I nt er f ace Rul es
A number of general rules have been included in t hese st andar ds t o guide t he creat ion of
best pract ice assumpt ion ent ry int erfaces. These rules have been summarised below.
Assumpt i ons Locat i on
A fundament al requirement when working wit h a spreadsheet model from a model users
perspect ive is t he abilit y t o quickly different iat e assumpt ions from non- assumpt ions.
Assumpt ions are t he basis for all spreadsheet models. They form t he basis for all of t he
formulae cont ained wit hin a spreadsheet model, and are t he only ent ries wit hin a
spreadsheet model t hat model users will seek t o manipulat e.
Assumpt ions should always be clearly separat ed from all of t he ot her component s of a
workbook. The easiest way t o assist model users and provide clarit y for ot her model
developers during t he development of a workbook is t o creat e dedicat ed and visually
ident ifiable assumpt ion sheet s wit hin which all t he assumpt ions wit hin a workbook are
locat ed.
BPMS 5- 1 Assumpt i ons Locat i on
All assumpt ions cont ained in a workbook should be locat ed on dedicat ed
and visually ident ifiable assumpt ion sheet s.
Assumpt ions should never be locat ed on out put sheet s.
Hence, all assumpt ions should be locat ed on dedicat ed and clearly ident ifiable assumpt ion
sheet s. I n t his way model users will be able t o easily ident ify and manipulat e t he
assumpt ions. More import ant ly, model users will be able t o clearly underst and and ident ify
t he segregat ion bet ween assumpt ions and out put s wit hin a workbook.
The pract ice of ent ering assumpt ions wit hin calculat ions or wit hin out put sheet s of a
workbook creat es consider able confusion and significant risk not only for model users, but for
model developers t hemselves. As such, an assumpt ion should never be ent ered int o an
out put sheet .
Assumpt i ons Repet i t i on
I n creat ing a best pract ice spreadsheet model it is import ant t hat t he model developer
ensures t hat when any single assumpt ion is modified or when a sensit ivit y assumpt ion is run
on any single base assumpt ion, t hat t he change flows t hrough t o every area of t he
spreadsheet model t hat is impact ed by t hat base assumpt ion or sensit ivit y assumpt ion.
Ent ering t he same assumpt ion t wice in a spreadsheet model result s in a sit uat ion whereby
t he assumpt ion int erface is misleading in t hat changing one of t he repeat ed assumpt ions will
not reflect t he change in all of t he out put s.
BPMS 5- 2 No Assumpt i on Repet i t i on
Any single assumpt ion should never be ent ered mor e t han once int o a
workbook.
I n any case it is far more efficient t o link any repeat ed assumpt ion ent ries t o t he first
assumpt ion ent ry and in doing so reduce t he number of assumpt ions in t he workbook.
Headi ng and Label Repet i t i on
Whilst headings and labels are oft en const ant s in a in a spreadsheet model, t hey are
generally not assumpt ions ( in t hat t he model developer does not int end t he model user t o
change headings or labels) . Despit e t his, in t he same way as an assumpt ion should never be
ent ered more t han once int o a workbook, a heading or label should never be ent ered more
t han once int o a spreadsheet model.
BPMC 5- 4 No Headi ng, Ti t l e or Label Repet i t i on
I t is recommended t hat , wher e pract ical, no heading, t it le or label t hat is
insert ed int o a workbook be ent er ed mor e t han once. All ident ical headings,
t it les and labels t hat are cont ained in a wor kbook should be linked t o t he
base heading, t it le or label t hat was ent ered.
Hence, every t ime a model developer requires an ident ical heading or label in a spreadsheet
model, it should be linked by formula t o t he first ent ered heading or label. This will ensure
t hat if and when t he headings or labels are changed, t hey can be changed in one locat ion
and will flow t hrough t o t he ent ire workbook via formulae.
I nact i ve Assumpt i ons
Assumpt ion sheet s should always be clearly ident ifiable as such and should be dedicat ed t o
t he t ask of collect ing assumpt ions i. e. primarily cont ain assumpt ions. Assumpt ion sheet s
should never cont ain inact ive assumpt ions t hat appear act ive, because model users may
mist akenly modify such an inact ive assumpt ion believing t hat t he workbook out put s will
change t o reflect t he change, which will not be t he case.
BPMC 5- 12 Vi sual I dent i f i cat i on of I nact i v e Assumpt i ons
I t is recommended t hat an assumpt ion cell t hat is current ly irrelevant for
out put s as a consequence of a prevailing assumpt ion in anot her assumpt ion
ent ry int erface be visually ident ifiable as being an inact ive assumpt ion cell
using grey fill colour and whit e font colour .
Hence, it is recommended t hat dat a should never be ent ered ont o an assumpt ion sheet as
t hough it was an assumpt ion if it is not used in t he workbook calculat ions. I ncluding non-
assumpt ions and inact ive assumpt ions on assumpt ion sheet s can be very misleading for
model users.
5.4. Cont r ol s / For ms
Cont rols ( which are commonly referred t o as forms as a result of t heir programming- based
background) should be used ext ensively t hroughout assumpt ion sheet s t o limit t he abilit y of
model users t o ent er invalid assumpt ions. I n fact , a cont rol should be used wherever possible
such t hat only residual assumpt ions which cannot be limit ed via t he use of a cont rol remain
in t he form of assumpt ion cells.
There are a number of clear benefit s of using cont rols inst ead of assumpt ions cells t o collect
assumpt ions from model users:
The ent ry of invalid assumpt ions is prevent ed;
Cont rols usually provide clear guidance as t o what t ype of assumpt ion should be
ent ered and t he limit at ions on t hat assumpt ion ent ry; and
Cont rols are aest het ically appealing and non- t hreat ening t o model users.
A number of different cont rols are available t o t he model developer, each wit h a different
applicat ion. The following t able list s t he commonly available cont rols which should be used
when const ruct ing assumpt ion ent ry int erfaces:
Cont r ol Appear ance Descr i pt i on
Group Box Group Box

Groups ot her cont rols ( usually opt ion but t ons)

Opt ion But t on
Opt ion But t on

Provides a choice bet ween mut ually- exclusive
opt ions
Check Box
Check Box

Provides t he user wit h a dual choice i.e. yes /
no, off / on, et c
But t on
But t on

Trigger s a macro
Drop Down Box 1
List I t em 1

Provides a drop down list of opt ions from
which t he model user can choose

List Box 1
List I t em 1
List I t em 2

Similar t o a dr op down box, but can display
more t han one opt ion in view at all t imes

Spin But t on 0

Spins t hrough a specified set of numbers i. e.
1 - 100

Scroll Bar

Similar t o a spin but t on but displays a visual
represent at ion of t he select ed number relat ive
t o t he specified set of numbers
Each of t hese cont rols has charact erist ics which make t hem suit able for some purposes and
unsuit able for ot hers.
Cel l Li nk Pr i nci pl es
All of t he cont rols list ed in t he above t able ot her t han group boxes and but t ons are linked t o
a worksheet via a cell link. Cell links are crit ical t o t he operat ion of t he associat ed cont rols
but t hey are not required t o be modified by t he model user and as such are not assumpt ions.
More import ant ly, t he model user should not manually modify a cell link, because t his may
adversely affect t he impact s of t he cont rol.
As such, t he following principles should be applied when creat ing a cell link and linking a
cont rol t o it :
a) The cell link should be named t o indicat e it s linked cont rol t ype according t o t he range
naming principles explained in t hese st andards ( see BPMS 9- 3 Range Naming, BPMS 9-
4 St andardised Naming Prefixes and BPMC 9- 5 Range Naming - Prefixes) ;
b) The cell link should be posit ioned direct ly under t he insert ed cont rol ( if insert ed on a
worksheet ) , wit h t he except ion of opt ion but t on cell links, which should be posit ioned
in t he t op left cell of t he surrounding group box cont rol; and
c) The font colour of t he cell link should be t he same as t he fill colour of it s worksheet
( i. e. hidden) .
The first of t hese principles is recommended by BPMC 5- 5, but not required t o implement
best pract ice because t he use of range names is not required by t he st andards:
BPMC 5- 5 Cont r ol Cel l Li nk Range Names
I t is recommended t hat cont r ol cell link ranges be named t o indicat e t he
t ype of cont rol t o which t he cell link relat es.
The placement of cont rol cell links based on t he second of t he above principles is required by
BPMS 5- 3 below:
BPMS 5- 3 Cont r ol Cel l Li nk Pl acement
Every cell link t hat is at t ached t o a cont rol in a workbook should be locat ed
in t he t op lef t cell of t he range over which it s cont rol is placed.
Hiding cell links ( t he t hird principle st at ed above) is not necessar y but has been included as
visible of cell link values not only confuse model users but are also at risk of being delet ed by
ot her model developers when not posit ioned direct ly under a cont rol.
Not e t hat alt hough cell links are not t echnically assumpt ion cells ( and should never be
format t ed as such) it is import ant t o ensure t hat all cont rol cell links are unprot ect ed befor e
prot ect ing t heir parent worksheet s. I f t he cell prot ect ion propert y of cont rol cell links is not
unlocked and t heir parent worksheet is prot ect ed, model users will be prevent ed from
changing t he value in t he linked cont rol, rendering t he cont rol inact ive.
For more informat ion on cell prot ect ion, see 4. 2 St yles.
Cont r ol I nput Ranges
Some cont rols ( specifically drop down boxes and list boxes) , require input dat a via a linked
input range in order t o operat e correct ly. This input dat a is referred t o as lookup dat a. Model
developers generally do not want t his lookup dat a t o be in prominent view wit hin t he
workbook or t o be modified by model users. Lookup dat a is t herefore not considered t o be
assumpt ion dat a. Lookup dat a is more akin t o headings or labels t hat are ut ilised wit hin a
cont rol.
Furt her, cont rol lookup dat a are a specific form of workbook informat ion t hat should be
separat ed from ot her component s wit hin a workbook. As such, when cont rol lookup dat a is
required in a workbook, t he lookup dat a should be locat ed on a separat e Lookup Sheet wit h
ot her cont rol input ranges.
BPMS 5- 4 Cont r ol Look up Dat a
When using a cont rol in a workbook t hat requires an input range ( lookup
dat a) , t he lookup dat a should always be locat ed on a separat e lookup
sheet .
I n t his way t he model developer will have a cent ralised locat ion in which t o access all cont rol
lookup dat a, and model users will be less likely t o inadvert ent ly modify t he lookup dat a.
For a more det ailed discussion and examples of t he creat ion and present at ion of lookup
sheet s, see 3. 7 Sample Sheet Layout s.
Gr oup Box es and Opt i on But t ons
Group boxes should always be used t o isolat e set s of opt ion but t ons. I f t his is not done, only
one opt ion but t on in each worksheet can be select ed at any t ime even if it was int ended t hat
mult iple set s of opt ions be independent of each ot her. Group boxes can also be used t o
aest het ically isolat e ot her cont rols and informat ion, but such uses are not inst rument al t o t he
correct operat ion of a spreadsheet model.
The following examples show t he gener ic use of group boxes and opt ion but t ons and a more
realist ic example of t heir applicat ion in spreadsheet modelling. Not e t hat t he assumpt ions
grey background colour has been used because cont rols should almost always be insert ed on
assumpt ion sheet s:
Gener i c Appl i cat i on Sampl e Appl i cat i on
1
Opt ion But t on 1
Opt ion But t on 2
Opt ion But t on 3
Group Box

1
Business lines 1 & 2
Business line 1 only
Business line 2 only
Consolidat e:

The following rules should be applied when insert ing group boxes and opt ion but t ons:
Group boxes and opt ion but t ons should not be used for a large number of opt ions. A
drop down box or list box will achieve t his purpose and use less worksheet area;
The cell link should be posit ioned in t he cell under t he first opt ion but t on and hidden;
The cell link should be named wit h t he opt ion but t on cell link range naming prefix
( OB_) ( for more informat ion on t he best pract ice use of range names, see Chapt er 9
Naming Principles) ; and
The group box must fully enclose t he opt ion but t ons in order for t hem t o not conflict
wit h ot her set s of opt ion but t ons on t he worksheet spacer rows or columns are
recommended t o provide a safet y buffer.
Check Box es
Check boxes should be used whenever an assumpt ion requires t hat a binary or boolean
choice be made by t he model user. Model users should never be required t o ent er a 1 or 0,
TRUE or FALSE or Yes or No as an assumpt ion because t his will oft en result in errors if
t hese ent ries are ent ered incorrect ly.
BPMC 5- 6 Use of Check Box Cont r ol s
I t is recommended t hat a check box be used in a workbook when t he
assumpt ion ent ry is binary ( or Boolean) .
The following are some examples of assumpt ion ent ries t hat should always be made via a
check box:
Yes / No;
I nclude / Exclude;
1 or 0; or
TRUE / FALSE.
The following examples show t he gener ic use of a check box and a more realist ic example of
it s applicat ion in spreadsheet modelling:
Gener i c Appl i cat i on Sampl e Appl i cat i on
#
Check box

#
I nclude t ax losses?

The following rules should be applied when insert ing check boxes:
a) The cell link should be posit ioned in t he cell under t he check box and hidden; and
b) The cell link should be named wit h t he check box cell link range naming prefix ( CB_)
( for more informat ion on t he best pract ice use of range names, see Chapt er 9 Naming
Principles) .
But t ons
But t ons are only required in spreadsheet models t hat cont ain macros t hat are required t o be
called by t he model user ( as opposed t o t hose which run aut omat ically as a result of cert ain
event s such as t he spreadsheet applicat ion calculat ing) and do not require a cell link. But t ons
should only be insert ed where a macro has been creat ed which will always operat e safely
when called from t he locat ion of t he insert ed but t on.
BPMC 5- 7 Use of But t on Cont r ol s
I t is recommended t hat a but t on be used in a workbook only when a macro
needs t o be assigned t o a cont rol.
The creat ion of macros is out side t he scope of t hese st andards and convent ions. For limit ed
discussion of t he applicat ion of macros, see 15. 2 Recording Macros.
Dr op Dow n Box es and Li st Box es
Drop down boxes and list boxes should be used where t here are a limit ed number of opt ions
available for an assumpt ions ent ry but t here are t oo many opt ions t o j ust ify using opt ion
but t ons.
BPMC 5- 8 Use of Dr op Dow n Box or Li st Box Cont r ol s
I t is recommended t hat a drop down box or list box be used in a workbook
when t her e are a definit e and limit ed number of possible assumpt ion
ent r ies.
Drop down boxes and list boxes should also be used t o limit t he size of assumpt ion ent ry
int erfaces wit hout limit ing t he number of opt ions available t o model users. These cont rols
should not be used where t he required assumpt ion ent ry is numerical in which case spin
but t ons and scroll bars should be used.
The following examples show t he gener ic use of drop down boxes and list boxes and a more
realist ic example of t heir applicat ion in spreadsheet modelling:
Gener i c Appl i cat i on Dr op Dow n Box Sampl e Appl i cat i on Dr op Dow n Box

Gener i c Appl i cat i on Li st Box Sampl e Appl i cat i on Li st Box

Not e t hat t he same lookup dat a has been used for t he drop down boxes and t he list boxes in
t he above example t o highlight t he different ways in which t hese cont rols collect t he same
assumpt ions ent ries. The primary differences are:
Drop down boxes t ake up less space t han list boxes on t he worksheet when
unexpanded, but only display t he select ed opt ion. When expanded, drop down boxes
display all possible opt ions, while list boxes cannot be expanded and must t herefore be
scrolled; and
List boxes t ake up more space on a worksheet but have t he benefit of displaying
mult iple opt ions ot her t han only t he select ed opt ions at all t imes. This may be
part icularly useful where t he model developer want s all opt ions t o appear when t he
model is print ed.
The following rules should be applied when insert ing drop down boxes and list boxes:
The cell link should be posit ioned in t he cell direct ly under t he t op left corner of t he
drop down box or list box and hidden;
The cell link should be named wit h t he appropriat e cell link range naming prefix ( DD_
for a drop down box and LB_ for a list box) ; and
The input range should be named wit h t he Lookup range naming prefix ( LU_) .
For more informat ion on t he best pract ice use of range names, see Chapt er 9 Naming
Principles.
Spi n But t ons and Scr ol l Bar s
Spin but t ons and scroll bars should be used where t here are a limit ed number of numerical
opt ions available for an assumpt ions ent ry.
BPMC 5- 9 Use of Spi n But t on or Scr ol l Bar Cont r ol s
I t is recommended t hat a spin but t on or scroll bar be used in a workbook
when an assumpt ion ent ry is in t he form of a numbered sequence t hat has
upper and lower bounds.
Spin but t ons and scroll bars should not be used where t here are a large number of numerical
opt ions available because t he model user will be required t o spin or scroll t hrough a large
number of opt ions when changing assumpt ions and t his may t ake some t ime especially if
t he model is large and t he calculat ion t ime is slow.
The following examples show t he gener ic use of spin but t ons and scroll bars and a more
realist ic example of t heir applicat ion in spreadsheet modelling:
Gener i c Appl i cat i on Spi n But t on Sampl e Appl i cat i on Spi n But t on
Count er : 0 3

Ter minal Year : 2004

Gener i c Appl i cat i on Scr ol l Bar Sampl e Appl i cat i on Scr ol l Bar
Count er :
3
3

Ter minal Year : 2004

Not e t hat t he same numerical opt ions are provided by t he spin but t ons and t he scroll bars in
t he above examples, but t he int erface is very different . The primary differences are:
a) Spin but t ons use less worksheet space t han scroll bars wit h t he same purpose; and
b) Scroll bars provide model users wit h a visual indicat ion of t he relat ive posit ion of t heir
select ion wit hin t he limit ed range of opt ions, whereas spin but t on limit s are only
discovered when t hey are clicked up or down.
The following rules should be applied when insert ing spin but t ons and scroll bars:
The cell link should be posit ioned in close proximit y t o t he insert ed cont rol and
displayed in const ant font colour; and
The cell link should be named wit h t he appropriat e cell link range naming prefix ( S_
for a spin but t on and SB_ for a scroll bar) ( for more informat ion on t he best pract ice
use of range names, see Chapt er 9 Naming Principles) ;
The use of spin but t ons and scroll bars in spreadsheet models should be limit ed as a result of
t he inherent problems t hey creat e:
Calculat ion delays are encount ered wit h each click when a complex spreadsheet model
is aut omat ically calculat ing; and
Spin but t on and scroll bar cell links appear t o be non- assumpt ion const ant s, when t hey
are in fact t echnically assumpt ions, because t he model user is able t o change t hem
( via t he linked spin but t on or scroll bar) . Hence, t here is a risk of confusion result ing
from t he mis- classificat ion of t hese cell links.
I n general, where a spin but t on or scroll bar can be used, one of t he ot her t ypes of cont rols
could be used more safely and wit h less confusion. Hence, t he avoidance of ext ensive spin
but t on and scroll bar ut ilisat ion is recommended.
5.5. Dat a Val i dat i on
Where it is not appropriat e or possible t o use cont rols, model developers should use dat a
validat ion t o prevent invalid assumpt ion ent ries and meet t he requirement s of t he int erface
cont rol concept .
Dat a validat ion should be used t o:
a) I nform model users about t he assumpt ion ent ries required;
b) Cont rol t he t ype of dat a being ent ered int o an assumpt ion cell; and
c) Set t he minimum and maximum bounds of t he ent ered assumpt ion.
Dat a validat ion should be applied where t he t ype of assumpt ion ent ry is known and/ or t he
use of cont rols is not suit able due t o t he number of pot ent ial ent ry values or t he t ype of
assumpt ion ent ry required.
BPMC 5- 10 Dat a Val i dat i on
I t is recommended t hat dat a validat ion be used t o:
a) I nform model user s about t he assumpt ion ent ries required;
b) Cont rol t he t ype of dat a being ent ered int o assumpt ion cells; and/ or
c) Set t he minimum and maximum bounds of t he assumpt ions t hat are
ent ered.
Dat a validat ion should be used when t he t ype of assumpt ion ent ry is
known, but t he use of cont rols is not suit able.
The following example shows t he applicat ion of dat a validat ion t o an assumpt ion cell t hat
requires a percent age ent r y bet ween 0% and 99%. The first part of t he example shows how
an input message can be used t o clearly communicat e t he assumpt ion ent ry condit ions t o
model users when t hey select t he assumpt ions cell. The second part of t he example t hen
shows t he warning message which appears when t he model user ent ers an assumpt ion t hat
is out side t hese condit ions:
Dat a Val i dat i on I nf or mi ng t he Model User

Dat a Val i dat i on War ni ng t he Model User

Dat a validat ion has t wo maj or advant ages over condit ional format - based er ror checking:
Dat a validat ion is prevent at ive in it s operat ion; and
Dat a validat ion correct s t he invalid assumpt ion ent ry aft er t he error is det ect ed
whereas condit ional format t ing only warns t hat an error has arisen but does not
correct t he mist ake.
The maj or drawback wit h dat a validat ion when compared wit h error checks and condit ional
format t ing is t hat dat a validat ion is only effect ive on assumpt ion cells and t herefore cannot
be used t o warn model users of out put errors t hat might result from assumpt ion ent ries.
BPMS 5- 5 I n- Cel l Dr op Dow n Li st s
A cell in which dat a validat ion is used t o creat e in cell drop down list s t he
range in which t he drop down list is insert ed should always be format t ed as
an assumpt ion cell.
An I n- Cell Drop Down List is similar t o a drop down box cont rol. However an in- cell drop
down list ret urns dat a from a range, rat her t han a number in a cell link. Hence, a common
problem for model users is t hat an in- cell drop down list is not visually dist inguishable from
any ot her assumpt ion cell. Hence, an in- cell drop down list is a cont rolled met hod for
ent ering hard coded dat a int o a cell and should always be format t ed as an assumpt ion t o
inform model users and ot her model developers t hat t he ent ry can be manipulat ed.
5.6. Condi t i onal For mat t i ng
Condit ional format t ing is used for t wo purposes when developing assumpt ion ent ry int erfaces
according t o t he int erface cont rol concept :
a) To act ivat e or deact ivat e assumpt ion cells when t hey are required or not required t o
be changed by model users; and
b) To indicat e an invalidly ent ered assumpt ion or t hat an error has result ed somewhere in
t he model from an assumpt ion ent ry.
The first of t hese purposes is designed t o prevent model users confusing relevant or act ive
assumpt ions from irrelevant or inact ive assumpt ions, while t he second purpose is designed
t o prompt a user t o ret rospect ively change an assumpt ion aft er it has been found t o be
invalid ( via a formula- based check) when observing t he result ing out put in t he model. The
lat t er purpose is discussed in det ail in 11. 2 Error Checks.
Act i vat i ng / Deact i vat i ng Assumpt i on Cel l s
Model developers should aim t o make t he process of ent ering assumpt ions as simple as
possible for model users. One of t he most effect ive ways of doing t his is t o act ivat e and
deact ivat e assumpt ion cells ( using condit ional format t ing) depending on whet her or not t hey
are relevant t o t he model at t hat part icular t ime.
BPMC 5- 11 Condi t i onal For mat t i ng of Assumpt i on Cel l s
I t is recommended t hat condit ional format t ing be used t o indicat e t o model
user s which assumpt ion cells are inact ive at any point in t ime i.e. not
relevant t o out put calculat ions.
For example, t he model developer may want t o allow model users t o ent er forecast widget
numbers sold based on eit her:
1) Absolut e sales forecast s;
2) A base year sales figure and forecast growt h rat es; or
3) A combinat ion of absolut e sales forecast s and forecast growt h rat es.
Wit hout condit ional format t ing, t his sect ion of t he assumpt ions sheet might look like t he
following:
Assumpt i on Ent r y I nt er f ace No Condi t i onal For mat t i ng

Year Ending 31 December 2010 2011 2012 2013 2014
Widget Sales Assumpt ions
Fir st Gr owt h Rat e Year : 1
Sales Forecast s (Unit s) 5. 0 6. 0 7. 0 8. 0 9. 0
Sales Growt h Forecast s (% p. a. ) 2. 50% 3. 00% 2. 00% 5. 00%

2011

These assumpt ions are quit e misleading because t he Sales Forecast s ( Unit s) assumpt ions
and Sales Gr owt h Forecast s ( % p. a. ) assumpt ions bot h appear act ive, alt hough t hey are
act ually mut ually exclusive in t he years 2011 2014 based on t he assumed First Growt h
Rat e Year i. e. based on t he assumed First Growt h Rat e Year of 2011 in t he above example,
t he Sales Forecast s ( Unit s) assumpt ions for t he years 2011 2014 are irrelevant t o t he
model out put calculat ions, yet t hey are displayed as act ive assumpt ions t o model users.
To prevent such confusion, condit ional format t ing should be used t o effect ively deact ivat e
assumpt ion cells from view when t hey are not relevant t o model out put calculat ions and
t herefore not required t o be ent er ed by model users. This is done by applying condit ional
format t ing which will apply deact ivat ion format t ing t o t he inact ive assumpt ion cells, making
it clear t hat t hey are not relevant at t hat point in t ime. I f t he purpose- based format s and
st yles which are recommended by t he convent ions in t hese st andards have been used, t his
deact ivat ion format t ing will set t he fill colour of t he cells which inact ive t o t he same colour as
t he assumpt ion sheet background ( i. e. assumpt ion grey if applying t he recommended
modelling colours) and t he font colour of t hese cells t o an inact ive colour ( in t his example,
whit e) . These t wo condit ional format t ing adj ust ment s cause t he inact ive assumpt ion cells t o
no longer be displayed as normal assumpt ion cells wit hout complet ely hiding t hem and
t hereby creat ing risks of unint ended delet ion of over- writ ing by ot her model developers.
I n t his example, bot h t he Sales Forecast ( Unit s) row of assumpt ion cells and t he Sales
Growt h Forecast s ( % p. a. ) assumpt ion cells must be condit ionally format t ed so t hat only t he
act ive assumpt ion cell in each row for each period is displayed as an act ive assumpt ion at
any point in t ime. To do t his, separat e condit ional format t ing is added t o bot h t hese rows
wit h t heir format condit ions reading off t he First Growt h Rat e Year drop down box cell link t o
det ermine t he act ive or inact ive nat ure of each assumpt ion cell in each row, applying
deact ivat ion format t ing t o any cell which is det ermined t o be inact ive. The result , assuming a
First Growt h Rat e Year of 2011, is shown below:
Assumpt i on Ent r y I nt er f ace Wi t h Condi t i onal For mat t i ng

2011

As can be seen in t his example, t he assumpt ion ent ry int erface now clearly communicat es
t he act ive and inact ive assumpt ions i. e. t he Sales Forecast ( Unit s) assumpt ions from 2011
onwards now appear inact ive because t he condit ional format t ing which has been added t o
t hese cells is adj ust ing t heir font and fill colour accordingly.
Similarly, if t he model user elect s t o apply growt h rat es from 2013 inst ead of 2011, t he
condit ional format t ing would deact ivat e t he Sales Forecast s ( Unit s) assumpt ion cells in 2013
and 2014 and t he Sales Growt h Forecast s ( % p. a. ) assumpt ion cells in 2011 and 2012. The
result of t he operat ion of t hese t wo set s of condit ional format s is t he Sales Forecast s ( Unit s)
assumpt ion cells being displayed as act ive for t he years 2010 2012 and t he Sales Growt h
Forecast s ( % p. a. ) assumpt ion cells being displayed for t he years 2013 2014, as shown
below:
Assumpt i on Ent r y I nt er f ace Wi t h Condi t i onal For mat t i ng ( Changed Assumpt i ons)

2013

Hence, t he model user is able t o clearly dist inguish act ive assumpt ions and inact ive
assumpt ions when ent ering Sales Forecast s ( Unit s) assumpt ions and Sales Growt h Forecast s
( % p. a. ) assumpt ions.
The font and fill colours used in t his example are based on t he convent ions for displaying
act ive and inact ive assumpt ion cells specified by BPMC 5- 12 below:
BPMC 5- 12 Vi sual I dent i f i cat i on of I nact i v e Assumpt i ons
I t is recommended t hat an assumpt ion cell t hat is current ly irrelevant for
out put s as a consequence of a prevailing assumpt ion in anot her assumpt ion
ent ry int erface be visually ident ifiable as being an inact ive assumpt ion cell
using grey fill colour and whit e font colour .
This approach should be adopt ed universally for visually dist inguishing act ive and inact ive
assumpt ion cells. Model users should never need t o spend t ime assessing whet her or not an
assumpt ion cell needs t o have dat a ent ered for t he model t o funct ion properly.
Check I ndi cat i ng Check Condi t i onal For mat t i ng
The second applicat ion of condit ional format t ing according t o best pract ice is for error
indicat ing. This sect ion should be read in conj unct ion wit h t he st andards and convent ions
discussed in Sect ion 11. 2 Error Checks.
Condit ional format t ing should be used t hroughout a model wherever t he result s of a check
are displayed. I n t he event t hat any check ret urns an error result , condit ional format t ing
should be used t o highlight t his error by applying bold and check red font colour t o t he check
cell. This will immediat ely alert t he model user t o t he error wit hin t he model.
The following example shows t he result s of t he applicat ion of check red and bol condit ional
format t ing t o error checks which have been included t o check t hat a balance sheet does in
fact balance. The condit ional format t ing has been set t o apply when t he check flag cells are
not equal t o zero, indicat ing an error result . The first image shows t he check wit hout an error
having been t riggered, whilst t he second image shows t he error checks once an error has
been flagged i. e. when t he balance sheet it not balancing:
Bal ance Sheet Er r or Check No Er r or Fl agged
Net Asset s 100.3 102.8
Equit y
Ordinary Equit y 75. 0 75. 0
Ot her Equit y 5. 0 5. 0
Ret ained Prof it s 20. 3 22. 8
Tot al Equit y 100.3 102.8
Error Values Check - -
Balance Check - -
Tot al Error Check Result - - -
Alert Check (Negat ive Cash) - - -

Bal ance Sheet Er r or Check Er r or Fl agged
Net Asset s 97.0 78.0
Equit y
Ordinary Equit y 75. 0 75. 0
Ot her Equit y 5. 0 5. 0
Ret ained Prof it s 20. 3 22. 8
Tot al Equit y 100.3 102.8
Error Values Check - -
Balance Check 1 1
Tot al Er r or Check Result 1 1 1
Alert Check (Negat ive Cash) - - -

This is a simple example of t he t ype of condit ional format t ing- based error check which
should be used t o ret rospect ively indicat e t he presence of errors wit hin a spreadsheet model.
For more informat ion on t he ext ensive use of error checking, see Sect ion 11. 2 Error Checks.
5.7. Secur i t y and Pr ot ect i on
Worksheet pr ot ect ion should always be used on assumpt ion and sensit ivit y int erfaces t o
prevent model users from changing non- assumpt ions cells. This is done t hrough t he locking
of all cells ot her t han assumpt ion cells and t hen prot ect ing t he cont ent s of all of t he sheet s in
t he surrounding workbook.
A full discussion of t he best pract ice use of prot ect ion and securit y can be found in
Chapt er 14, Securit y & Prot ect ion.
5.8. I nt er f ace Cont r ol Ex ampl e
The following example demonst rat es how cont rols, condit ional format t ing and dat a validat ion
could hypot het ically be used in a worksheet t o re- cr eat e, t he Microsoft Excel
Print Dialog
Box. This has been done t o help model developers concept ualise t he int erface cont rol
concept and t he use of t hese t ools t o implement it :

Not e t hat t he const ruct ion of t his int erface uses most of t he available t ypes of cont rols and
mirrors almost exact ly t he layout and feel of t he Microsoft Excel
Print Dialog Box. I n

addit ion t o t he visible cont rols, t he ent ry of assumpt ions int o t his worksheet would be
cont rolled by:
Condit ional Format t ing indicat ing where an assumpt ion is t o be ent ered and when an
invalid assumpt ion is ent ered; and
Dat a Validat ion which would prevent model users from ent ering invalid t ypes of
assumpt ions ( i. e. ent ering a non- int eger Number of copies) and prompt ing t hem t o
change t he ent ry.
Hence, t hrough t his unusual example it can be seen t hat assumpt ion sheet s, if developed
according t o t he int erface cont rol concept , can largely cont rol t he assumpt ions ent ry process
in most cases. Alt hough some errors may be capt ured ret rospect ively ( see Sect ion 11. 2 Error
Checks) , most errors encount ered during t he assumpt ion ent ry process should immediat ely
be eit her prevent ed or highlight ed t o model users.
Drop Down Box
But t ons
Check
Boxes
Spin But t ons
Opt ion But t ons
Group
Boxes
Spr eadsheet Model l i ng Ar ea 6 Sensi t i vi t y Anal y si s
Chapt er 6.
Sensit ivit y Analysis
6.1. Over vi ew
Sensit ivit y analysis is an import ant fact or in many spreadsheet models, providing model
users wit h valuable informat ion about t he ways in which assumpt ions are impact ing t he
model out put s. Because t he nat ure of assumpt ions is such t hat t hey are oft en est imat es or
forecast s, it is import ant t hat model users underst and how t he out put s might differ if base
assumpt ions t urn out t o be different in realit y. This underst anding is commonly obt ained
t hrough t he use of sensit ivit y analysis.
Sensi t i vi t y Anal y si s can be defined as being:
The analysis of t he sensit ivit y of t he out put of a spreadsheet model t o it s base
assumpt ions.
This definit ion has been simplified t o avoid confusion but as a result does not account for
out put - based sensit ivit y analysis. Out put - based sensit ivit y analysis is more complex t han
sensit ivit y analysis relat ing purely t o base assumpt ions because t he model user is effect ively
t est ing t he sensit ivit y of one model out put t o anot her model out put . A discussion of out put -
based sensit ivit ies has been provided below in 6. 5 Assumpt ion vs. Out put - Based Sensit ivit y
Analysis
To perform a sensit ivit y analysis on a base assumpt ion, a change needs t o be effect ed in a
spreadsheet model t o simulat e t he desired change in t he base assumpt ion. The ent ry t hat is
made int o a workbook t o affect a sensit ivit y analysis is referred t o as a sensit ivit y
assumpt ion.
Sensit ivit y assumpt ions should always be ent ered int o a spreadsheet model via sensit ivit y
assumpt ion ent ry int erfaces t hat are separat ed from t heir underlying base assumpt ion ent ry
int erfaces. Furt hermore, all sensit ivit y assumpt ion ent ry int erfaces included in a spreadsheet
model should be locat ed in a separat e sect ion in t he spreadsheet model from base
assumpt ion ent ry int erfaces. I n t his way t he int erface for analysing t he sensit ivit y of a base
assumpt ion or an out put will be clearly ident ifiable for model users. Furt hernore, sensit ivit y
assumpt ion ent ry int erfaces will be clearly dist inguishable from base assumpt ion ent ry
int erfaces.
Because a sensit ivit y assumpt ion is a form of assumpt ion, all of t he st andards and
convent ions t hat apply t o assumpt ions also apply t o sensit ivit y assumpt ions. For more
informat ion on t he st andar ds and convent ions pert aining t o assumpt ion ent ry int erfaces, see
Chapt er 5, Assumpt ion Ent ry I nt erfaces.
I mpor t ant Not e
Sensit ivit y analysis is an ext remely broad area of analysis wit h t he spreadsheet modelling
process which differs widely based upon t he requirement s of each spreadsheet model and
t he preferences of model developers and model users. Because t hese st andar ds and
convent ions address how t o develop spreadsheet models rat her t han what t o develop, many
of t he issues surrounding t he development of valuable sensit ivit y analysis are out side t he
scope of t hese st andards and convent ions. For t his reason, t here are a small number
st andards and convent ions in t his spreadsheet modelling area, and t hey are designed only t o
canvas sensit ivit y analysis considerat ions relevant t o best pract ice modelling.
6.2. Sensi t i vi t y Anal y si s vs. Scenar i o Anal y si s
Before discussing t he st andards and convent ions relevant t o sensit ivit y analysis, it is
import ant t o dist inguish bet ween sensit ivit y analysis and scenario analysis:
Sensi t i vi t y Anal y si s: involves t he analysis of t he sensit ivit y of t he out put of a
spreadsheet model t o it s base assumpt ions; whilst
Scenar i o Anal y si s: involves mult iple set s of relat ed assumpt ions which are t oget her
used t o analyse a part icular scenario, usually wit h only one set of assumpt ions
affect ing t he out put s of a spreadsheet model at any point in t ime.
This dist inct ion is fundament al t o int erpret ing t he st andards and convent ions relat ing t o
sensit ivit y analysis, because t hey may not be pract ically applicable t o scenario analysis e.g.
it may be more pract ical t o place assumpt ions for different scenarios wit hin t he same
assumpt ion ent ry int erface in order t o improve t he user- friendliness of a spreadsheet model.
Whilst t he st andards and convent ions relat ing t o assumpt ions and assumpt ion ent ry
int erfaces remain applicable t o assumpt ions used wit hin scenario analysis, a det ailed
discussion and explanat ion of scenario analysis is out side t he scope of t hese st andards and
convent ions.
6.3. Sensi t i v i t y Assumpt i on Ent r y I nt er f ace Rul es
A number of general rules have been included in t hese st andar ds and convent ions t o guide
t he creat ion of best pract ice sensit ivit y assumpt ion ent ry int erfaces. These rules have been
summarised below.
Not e t hat because sensit ivit y assumpt ions are a form of assumpt ion, all rules governing t he
development of assumpt ion ent ry int erfaces ( see 5. 3 Assumpt ion Ent ry I nt erface Rules)
apply in addit ion t o t he rules st at ed below.
Separ at e Sensi t i vi t y Assumpt i ons Sect i on
A primary risk result ing from t he inclusion of sensit ivit y analysis wit hin a spreadsheet model
is t hat of model users confusing base assumpt ions wit h sensit ivit y assumpt ions e. g.
ent ering sensit ivit y assumpt ions and wondering why base out put s are not being affect ed by
t hese assumpt ion ent ries.
To prevent t his confusion, sensit ivit y assumpt ions should be locat ed wit hin a separat e
assumpt ions sect ion from t heir underlying base assumpt ions, as st at ed in BPMS 6- 1:
BPMS 6- 1 Separ at e Sensi t i v i t y Assumpt i ons Sect i on
Every workbook t hat cont ains sensit ivit y analysis funct ionalit y should
cont ain a dedicat ed sensit ivit y assumpt ions sect ion ( which is separat e t o
t he base assumpt ions sect ion) .
I n t his way, each sheet t hat cont ains sensit ivit y assumpt ions can be locat ed wit hin t his
sect ion of t he workbook and clearly labelled as being a sensit ivit y assumpt ion sheet .
Sensi t i vi t y Assumpt i on Sheet s
As discussed above, sensit ivit y assumpt ions are a form of assumpt ion because t hey are a
component of a workbook t hat t he model developer int ends t he model user t o modify. As a
result , t he assumpt ion nat ure of sensit ivit y assumpt ions needs t o be clearly communicat ed
t o model users. Furt hermore, because t hey are not t he underlying base assumpt ions of t he
workbook, t hey need t o be clearly labelled as being sensit ivit y assumpt ions t o prevent
confusing model users.
The best way of communicat ing t he assumpt ions nat ure of sensit ivit y assumpt ions is t o
ensure t hat all t he sensit ivit y assumpt ions in a workbook are locat ed on assumpt ion sheet s
and t hat all sensit ivit y assumpt ion cells are format t ed accordingly.
BPMS 6- 2 Sheet Ty pe f or Sensi t i vi t y Assumpt i on Ent r y I nt er f aces
All sensit ivit y assumpt ions in a workbook should be locat ed on assumpt ion
sheet s.
I f t hese assumpt ions sheet s are placed wit hin a dedicat ed sensit ivit y assumpt ions sect ion in
accordance wit h BPMS 6- 1, model users should always be aware of t he sensit ivit y nat ure of
t he assumpt ions wit hin t hese sheet s.
Separ at e Sensi t i vi t y Assumpt i on Ent r y I nt er f aces
I f sensit ivit y analysis is included wit hin a spreadsheet model, a separat e assumpt ion ent ry
int erface should be creat ed t o correspond wit h it s underlying base assumpt ion ent ry
int erface. Embedding sensit ivit y assumpt ions wit hin a base assumpt ion ent ry int erface ( i. e.
wit hin a base assumpt ion sheet ) does not allow t he model developer or model users t o
dist inguish readily bet ween t he base and sensit ivit y assumpt ions wit hin a workbook.
BPMS 6- 3 Separ at e Sensi t i v i t y Assumpt i on Ent r y I nt er f aces
Sensit ivit y assumpt ions should always be locat ed on a dedicat ed sensit ivit y
assumpt ion sheet which is separat e t o it s corresponding base assumpt ion
sheet .
An addit ional benefit of separat e base and sensit ivit y assumpt ion ent ry int erfaces is t he
result ing abilit y t o calculat e bot h base case and running case out put s ( i. e. out put s where
bot h base and sensit ivit y assumpt ions are operat ive) wit hin a workbook simult aneously. This
funct ionalit y allows a model developer t o const ruct out put s t hat analyse t he difference
bet ween t he base case and sensit ivit y case out put s wit hout cont inually adj ust ing base
assumpt ions or st oring out put s by copying and past ing values. This approach is discussed in
more det ail below in 6. 4 Common Sensit ivit y Analysis Met hods.
Consi st ent Sensi t i vi t y Assumpt i on Ent r y I nt er f aces
To t he ext ent possible, sensit ivit y assumpt ion sheet s should mirror t heir corresponding base
assumpt ion sheet s t o prevent model users being required t o re- familiarise t hemselves wit h
t he assumpt ion ent ry layout when swit ching bet ween base and sensit ivit y assumpt ions. This
consist ency of assumpt ion ent ry int erfaces is recommended by BPMC 3- 1:
BPMC 6- 1 Sensi t i vi t y Assumpt i on Ent r y I nt er f ace St r uct ur e
I t is recommended t hat , t o t he ext ent t hat it is pract ical, any sensit ivit y
assumpt ion ent ry int erface in a workbook be st r uct ured consist ent ly wit h it s
corresponding base assumpt ion ent ry int erface.
6.4. Common Sensi t i v i t y Anal y si s Met hods
There is no single prescribed met hod for undert aking sensit ivit y analysis, alt hough t he
common obj ect ive of sensit ivit y analysis is always t o gain an underst anding of t he sensit ivit y
of t he out put of a spreadsheet model t o it s base assumpt ions. However, t here are t wo most
commonly used sensit ivit y analysis met hods which are wort hwhile ment ioning briefly in t hese
st andards and convent ions:
Si ngl e Out put Sensi t i vi t y Anal y si s: uses only one set of out put s t o analyse t he
sensit ivit y of t hese out put s t o t heir base assumpt ions; and
Dual Out put Sensi t i vi t y Anal y si s: includes separ at e out put s used t o calculat e,
display and compare base case and sensit ivit y case out put s.
These t wo common sensit ivit y analysis met hods are discussed below.
Si ngl e Out put Sensi t i vi t y Anal y si s
Single out put sensit ivit y analysis uses only one set of out put s t o analyse t he sensit ivit y of
t hese out put s t o t heir base assumpt ions. As a result , t his set of out put s may or may not
cont ain t he impact s of act ive sensit ivit y assumpt ions depending on t heir inclusion via
sensit ivit y assumpt ion ent ry int erfaces. This creat es a high risk of model users being
unaware of act ive sensit ivit y assumpt ions, alt hough t his risk can be mit igat ed by t he
inclusion of robust and ext ensive sensit ivit y checks wit hin a spreadsheet model ( see Chapt er
11 Checks) .
The following basic example demonst rat es a simple applicat ion of single out put sensit ivit y
analysis in which base and sensit ivit y assumpt ion ent ry int erfaces are used t o forecast t he
sales revenue for widget s over a 5- year period based on Sales Volume and Unit Price
assumpt ions. A single set of out put s are used t o calculat e t he result ing sales volumes,
capt uring bot h base and assumpt ion ent ry int erfaces, wit h sensit ivit y checks being used t o
clearly indicat e t he presence of act ive sensit ivit y assumpt ions. The base and sensit ivit y
assumpt ion ent ry int erfaces are shown below:
Si ngl e Out put Sensi t i v i t y Anal y si s Base Assumpt i on Ent r y I nt er f ace

Si ngl e Out put Sensi t i v i t y Anal y si s Sensi t i vi t y Assumpt i on Ent r y I nt er f ace

Not e from t hese assumpt ion ent ry int erfaces:
The base and sensit ivit y assumpt ion ent ry int erfaces have been placed wit hin separat e
assumpt ion ent ry int erfaces and wit hin separat e sect ions of t he model in accordance
wit h BPMS 6- 1, BPMS 6- 2 and BPMS 6- 3;
The sensit ivit y assumpt ion ent ry int erface layout has been st ruct ured t o closely align
wit h t he base assumpt ion ent ry int erface in accordance wit h BPMC 6- 1;
An I nclude sensit ivit y assumpt ions check box has been included in t he sensit ivit y
assumpt ion ent ry int erface ( in t he range C18: H18) t o allow model users t o quickly and
easily deact ivat e t he sensit ivit y assumpt ions;
The words I ncrement al Change have been included wit hin t he sensit ivit y assumpt ion
ent ry int erface t o clearly communicat e t he increment al nat ure of t he sensit ivit y
assumpt ions i. e. in t his example sensit ivit y assumpt ions are added t o base
assumpt ions when calculat ing model out put s; and
A sensit ivit y check has been included wit hin t he sensit ivit y assumpt ion ent ry int erface
t o flag t he exist ence of act ive sensit ivit y assumpt ions ( as per t he checks requirement s
discussed in det ail in Chapt er 11 Checks) .
When implement ing single out put sensit ivit y analysis, t he model out put calculat ions are
made more complicat ed as a result of t he need t o capt ure t he impact s of bot h base
assumpt ions and sensit ivit y assumpt ions in a single set of out put s. The out put s
corresponding t o t he above assumpt ion ent ry int erfaces are shown below:
Si ngl e Out put Sensi t i v i t y Anal y si s Out put s

These out put s can be displayed graphically for inclusion wit hin an out put dashboard
present at ion ( for more informat ion on present at ion out put s, see Chapt er 7 Out put s &
Present at ions) as follows:
Si ngl e Out put Sensi t i v i t y Anal y si s Gr aphi cal Out put Ex ampl e

Not e from t hese out put s:
The out put s have been labelled simply as Out put s t o reflect t he fact t hat only one set
of out put s has been used t o calculat e t he out put s of t he base and sensit ivit y
assumpt ions;
The presence of act ive sensit ivit y assumpt ions is clearly communicat ed via t he Model
Name reference cell in B1 cont aining t he t ext Sensit ivit y in Widget Sales Sensit ivit y
Case Assumpt ions in accordance wit h t he best pract ice checks requirement s discussed
in Chapt er 11 Checks;
The out put s capt ure t he impact s of bot h t he base and sensit ivit it y case assumpt ions in
a single set of out put s/ graphs; and
The t it le of t he out put graph has been made dynamic ( i. e. linked by formula t o a cell
cont aining a calculat ion) t o reflect Sensit ivit ies Running so t hat t here is no risk of
model users being unaware of act ive sensit ivit y assumpt ions.
Dual Out put Sensi t i vi t y Anal y si s
Dual out put sensit ivit y analysis uses t wo separat e set s of out put s t he first t o calculat e
out put s based only on base assumpt ions ( i. e. a base case) and t he second t o calculat e
out put s based on bot h base and sensit ivit y assumpt ions ( i. e. a running case) . As a result ,
t hese t wo set s of out put s may be used as a basis for comparing base case out put s wit h
running case out put s wit hout needing t o copy and past a single set of out put s or run mult iple
versions of a model t o represent different scenarios.
The following basic example demonst rat es a simple applicat ion of dual out put sensit ivit y
analysis in which base and sensit ivit y assumpt ion ent ry int erfaces are used t o forecast t he
sales revenue for widget s over a 5- year period based on Sales Volume and Unit Price
assumpt ions. A single set of out put s are used t o calculat e t he result ing sales volumes,
capt uring bot h base and assumpt ion ent ry int erfaces, wit h sensit ivit y checks being used t o
clearly indicat e t he presence of act ive sensit ivit y assumpt ions. The base and sensit ivit y
assumpt ion ent ry int erfaces are shown below:
Dual Out put Sensi t i vi t y Anal y si s Base Assumpt i on Ent r y I nt er f ace

Dual Out put Sensi t i vi t y Anal y si s Sensi t i vi t y Assumpt i on Ent r y I nt er f ace

These assumpt ion ent ry int erfaces are ident ical t o t hose used t o undert ake single out put
sensit ivit y analysis, and t herefore t he same considerat ions should be not ed:
The base and sensit ivit y assumpt ion ent ry int erfaces have been placed wit hin separat e
assumpt ion ent ry int erfaces and wit hin separat e sect ions of t he model in accordance
wit h BPMS 6- 1, BPMS 6- 2 and BPMS 6- 3;
The sensit ivit y assumpt ion ent ry int erface layout has been st ruct ured t o closely align
wit h t he base assumpt ion ent ry int erface in accordance wit h BPMC 6- 1;
An I nclude sensit ivit y assumpt ions check box has been included in t he sensit ivit y
assumpt ion ent ry int erface ( in t he range C18: H18) t o allow model users t o quickly and
easily deact ivat e t he sensit ivit y assumpt ions;
The words I ncrement al Change have been included wit hin t he sensit ivit y assumpt ion
ent ry int erface t o clearly communicat e t he increment al nat ure of t he sensit ivit y
assumpt ions i. e. in t his example sensit ivit y assumpt ions are added t o base
assumpt ions when calculat ing model out put s; and
A sensit ivit y check has been included wit hin t he sensit ivit y assumpt ion ent ry int erface
t o flag t he exist ence of act ive sensit ivit y assumpt ions ( as per t he checks requirement s
discussed in det ail in Chapt er 11 Checks) .
When implement ing dual out put sensit ivit y analysis, t he model out put calculat ions are
simplified as a result of t he out put calculat ions being separat ed int o t wo separat e set s of
out put s. The base and running case out put s corresponding t o t he above assumpt ion ent ry
int erfaces are shown below:
Dual Out put Sensi t i vi t y Anal y si s Base Case Out put s

Dual Out put Sensi t i vi t y Anal y si s Sensi t i vi t y Case Out put s

Not e from t hese base case and running case out put s:
The base case and running case out put s have been placed wit hin separat e out put
sheet s and wit hin separat e sect ions of t he model in accordance wit h BPMS 6- 1, BPMS
6- 2 and BPMS 6- 3;
The running case out put s have been st ruct ured t o closely align wit h t he base case
out put s in a similar way in which base and sensit ivit y case assumpt ion ent ry int erfaces
are recommended t o be consist ent ly st ruct ured by BPMC 6- 1;
The base case and running case out put s have been clearly labelled Base Case Out put s
and Running Case Out put s t o communicat e t o model users t hat t he running case
out put s may cont ain t he impact s act ive sensit ivit y case assumpt ions; and
The presence of act ive sensit ivit y assumpt ions is clearly communicat ed in bot h set s of
out put s via t he Model Name reference cell in B1 cont aining t he t ext Sensit ivit y in
Widget Sales Sensit ivit y Case Assumpt ions in accordance wit h t he best pract ice
checks requirement s discussed in Chapt er 11 Checks.
These out put s can be displayed graphically for inclusion wit hin an out put dashboard
present at ion ( for more informat ion on present at ion out put s, see Chapt er 7 Out put s &
Present at ions) as follows:
Dual Out put Sensi t i vi t y Anal y si s Base Case Gr aphi cal Out put Ex ampl e

Dual Out put Sensi t i vi t y Anal y si s Runni ng Case Gr aphi cal Out put Ex ampl e

Addit ionally, dual out put sensit ivit y analysis facilit at es t he present at ion of case comparisons
as a result of t he t wo set s of out put s i. e. t he abilit y t o compare t he base case out put s wit h
a running case which includes t he impact s of act ive sensit ivit y assumpt ions. An examply of
how t his t ype of analysis can t hen be represent ed gr aphically is provided below:
Dual Out put Sensi t i vi t y Anal y si s Case Compar i sons

Si ngl e vs. Dual Out put Sensi t i vi t y Anal y si s
The decision t o use single or dual out put sensit ivit y analysis must be made based on t he
requirement s of each part icular model, and t he pract ical realit ies governing t he meet ing of
t hose requirement s. Because dual out put sensit ivit y analysis effect ively involves t he creat ion
of t wo ent ire set s of assumpt ions and out put s wit hin a spreadsheet model, it may not be
possible or pract ical t o implement t his sensit ivit y analysis met hod when developing larger
and more complex models. A summary of t he primary advant ages and disadvant ages of each
approach is provided in t he t able below:
Consi der at i on Si ngl e Out put s Dual Out put s
Model st r uct ur e Simpler More complex
File size Smaller Larger
Formula complexit y Higher Lower
Segregat ion of out put s None Complet e
Live case comparisons No Yes

6.5. Assumpt i on vs. Out put - Based Sensi t i vi t y Anal y si s
Alt hough most sensit ivit y analysis is based upon t he sensit ivit y of base assumpt ions
( referred t o as assumpt ion- based sensit ivit y analsysis) , sensit ivit y analysis can also be
included in a spreadsheet model t o analyse t he sensit ivit y of one model out put t o anot her
model out put ( referred t o as out put - based sensit ivit y analysis) . I n relat ion t o complex
spreadsheet models wit h a large number of base assumpt ions, t his funct ionalit y can make
t he process of running sensit ivit ies far more efficient and t ransparent for model users.
The primary differences bet ween assumpt ion and out put - based sensit ivit y analysis are
summarised by t he following definit ions:
Assumpt ion- Based Sensit ivit y Analysis: analyses t he sensit ivit y of out put s t o base
assumpt ions; whilst
Out put - Based Sensit ivit y Analysis: analyse t he sensit ivit y of one model out put ( or set
of model out put s) t o anot her model out put ( or set of model out put s) .
An example of t he applicat ion of assumpt ion and out put - based sensit ivit ies is provided
below:
Assumpt i on- Based Sensi t i vi t y Anal y si s Out put - Based Sensi t i v i t y Anal y si s
Widget s - Volumes Widget s - Revenue
Widget s - Unit Prices
An example of assumpt ion- based sensit ivit y analysis was provided in 6. 4 Common Sensit ivit y
Analysis Met hods i. e. in t hat example model users were able t o ent er increment al
sensit ivit y assumpt ions in relat ion t o widget volumes and prices t o underst and t he impact
t hat t hese increment al changes in base assumpt ions have on model out put s.
However, if inst ead model users want ed t o ent er sensit ivit y assumpt ions which direct ly
increased or decreased widget revenue ( inst ead of ent ering sensit ivit y assumpt ions relat ing
t o widget prices and volumes i. e. revenue drivers) t he model out put s would need t o be re-
creat ed t o facilit at e t his out put - based sensit ivit y analysis. I mport ant ly, t he model developer
would need t o make some implicit assumpt ions when building t his sensit ivit y analysis in
order for t he model t o st ill make sense e. g. if a model user ent ers a sensit ivit y assumpt ion
t hat increases revenue by 10% aft er ent ering base assumpt ions relat ing t o prices and
volumes, t he model developer must decide whet her t his change in revenue is being driven
by a change in volume or a change in prices, or bot h in order t o maint ain t he underlying
logic i. e. t hat revenue is t he product of volumes and prices in each period. There is no
correct way of doing t his, and as a result model users should be consult ed when developing
out put - based sensit ivit y analysis t o ensure t hat t hey are comfort able wit h t he assumed ways
in which t he out put logic accomodat es t his analysis wit hout invalidat ing t he model.
Hence, out put - based sensit ivit y analysis should be used carefully t o ensure t hat t he
underlying relat ionships represent ed in a spreadsheet model always remain valid. This is
generally done t hrough disallowing model users from running assumpt ion and out put - based
sensit ivit y analysis at t he same t ime, and communicat ing t he ways in which logic is
manipulat ed t o facilit at e out put - based sensit ivit y assumpt ions being incorporat ed wit hin a
model. Ot her more complex t echniques of prevent ing model errors result ing from conflict ing
sensit ivit y assumpt ions can also be used ( such as allowing some assumpt ion- based
sensit ivit ies t o be run wit h an out put - based sensit ivit y) but t hese are out side t he scope of
t hese st andards and convent ions.
Spr eadsheet Model l i ng Ar ea 7 Out put s & Pr esent at i ons
Chapt er 7.
Out put s & Present at ions
7.1. Over vi ew
Out put s are import ant component s of a workbook. For model users t he out put of a workbook
is t he primary point of focus and represent s t he informat ion t hat will form t he basis for any
relat ed decision making. As such, model developers should ensure t hat t hey devot e an
appropriat e amount of t ime t o const ruct ing model out put s and t hen creat ing insight ful
present at ions t o provide furt her clarit y and underst anding of t hese out put s. By represent ing
t he out put of a workbook in clear t abular, graphical, diagrammat ical and/ or pict orial form,
model users will be able t o underst and a workbooks out put s more efficient ly. Moreover, wit h
clear and present able workbook out put s and present at ions, model users will be more readily
able t o apply t he workbook t o pract ical present at ion and dat a provision purposes t hat might
be associat ed wit h a spreadsheet model.
The out put s in a workbook are t he result s of calculat ions based on t he assumpt ions
cont ained wit hin t he workbook. The t erm out put covers a broad r ange of areas because
out put s may t ake many forms, including:
a) Formulae wit hin cells ( t hat may be format t ed in any number of ways) ;
b) Dat a t ables;
c) Diagrams/ schemat ics;
d) Pict ures; and/ or
e) Chart s/ graphs.
I n t hese st andards and convent ions t he t erm out put generally refers t o t he raw formulae
out put s of a workbook and t he cont ent surrounding t hese formula out put s i.e. t he engine
of t he spreadsheet model. A subset of out put s is present at ions. A present at ion is a sheet or
group of sheet s wit hin a workbook t hat has manipulat ed out put ( formulae result s) t o present
it in t he manner desired by model users. As such, t ables, chart s or graphs would generally
be considered t o be present at ion out put s.
7.2. Out put Segr egat i on
Out put s are t he primary focus of any spreadsheet model. Model users rely on out put s for
decision making and analysis. Any present at ions t hat are included in t he spreadsheet model
will be based on out put s. The primary purpose of any spreadsheet model must be t o produce
out put s.
Separat ing out put s from ot her component s of a workbook ensures t hat bot h model
developers and model users int erpret t he informat ion in a workbook appropriat ely. As a
minimum st andard, t he out put and pr esent at ion component s of a workbook should be
locat ed in a separat e, clearly labelled sect ion. For more informat ion relat ing t o t he
sect ionalising of workbooks, see 2. 3 Workbook Sect ions.
BPMS 7- 1 Segr egat i on of Out put s
Out put sheet s and present at ions, which may t ake t he form of t ables,
graphs, diagrams or pict ures, amongst ot her forms, should always be
locat ed in eit her:
a) a separat e, clearly labelled sect ion of a workbook; or
b) a separat e dedicat ed out put workbook.
The separ at ion of t he out put s and present at ions of a spreadsheet model in t his way serves a
number of import ant purposes, including:
Prevent ing model users from confusing model out put s wit h ot her component s of t he
spreadsheet model;
Focusing t he at t ent ion of model users on t he most relevant out put of t he spreadsheet
model; and
I n some cases, providing securit y t o t he model by allowing only limit ed access t o t he
out put and present at ion component s of a spreadsheet model ( or dedicat ed out put
workbook) .
As t he size and complexit y of a spreadsheet model increases, t he model developer should
consider creat ing an ent irely separat e ( but linked) dedicat ed out put workbook. For more
informat ion on developing and working wit h mult iple workbooks, see Chapt er 9, Mult iple
Workbooks.
BPMC 7- 1 Separ at e Out put Wor k book s
I t is recommended t hat separ at e, dedicat ed out put workbooks be cr eat ed
for medium t o large workbooks or wher e t he model developer does not
want t o divulge cer t ain workbook cont ent t o cert ain model users.
There are many circumst ances where locat ing t he out put s in a separat e workbook may be
advant ageous, including:
a) When model users only require or are int erest ed in out put s;
b) When t he model developer does not want t o divulge t he workbook assumpt ions or
formulae;
c) Where different model users are int erest ed in different out put s; or
d) When t he out put needs t o be provided t o several model users in t he form of a
present at ion.
Using separat e workbooks for out put s has many advant ages including:
a) Clearly separat ing out put s from assumpt ions and calculat ions ( which in some
circumst ances may be of lit t le int erest t o model users) ;
b) Allowing model users t o analyse out put wit hout having t he ( somet imes large)
underlying spreadsheet model workbooks open;
c) Allowing t he disseminat ion of t he out put of a spreadsheet model wit hout divulging t he
calculat ion logic or associat ed int ellect ual propert y; and
d) Creat ing a book of pure out put s t hat can be eit her viewed on screen or print ed in book
form.
Whet her t he model developer chooses t o locat e t he model out put and present at ion mat erials
in a separat e sect ion or in a separat e out put workbook, t he primary considerat ion should
always be t he purpose of t he out put s. I n relat ion t o model out put s, t his purpose will always
be governed by t he demands of t he expect ed model users.
Each of t hese met hods will appropriat ely segregat e t he out put and present at ion sect ions of
t he model, but will creat e different issues for model users. The advant ages and
disadvant ages of t he t wo met hods are summarised below:
Separ at e Sect i on Separ at e Wor k book
Adv ant ages Model r emains compact .
No mult iple workbook
issues.
Easy t o handle.
Easy dist r ibut ion t o
present at ion audience.
Mult iple out put
present at ions t ailored t o
specific audiences.
Di sadv ant ages Ent ire model dist ribut ed t o
present at ion audience.
Mult iple workbook issues.
Out put present at ions can t ake t he form of graphical, t abular or diagrammat ical out put ,
amongst ot her forms. Out put present at ions provide t he model developer wit h an opport unit y
t o int roduce personal preferences and t ast es t o t he model wit hout sacrificing best pract ice.
However, t his is condit ional upon t he out put present at ion sect ions of t he model being clearly
segregat ed from t he remaining model sect ions. Hence, t he choice of a separat e sect ion
versus a separat e workbook depends on a number of fact ors including t he size of t he model
and t he number of different audiences t hat will receive t he out put present at ion.
Out put Sect i on Consi st ency
Even if t he out put of a spreadsheet model is clearly segregat ed in accordance wit h BPMS 7-
1, t he informat ion present ed in t his out put sect ion may remain at risk of confusing and
overwhelming model users if not present ed and st ruct ured in a logical and familiar manner.
Because t he model user will in many cases have been involved in t he process of ent ering
assumpt ions int o t he spreadsheet model, t he model developer can usually assume t hat t he
model user will be reasonably familiar wit h t he assumpt ion ent ry int erfaces used t o ent er
t hese assumpt ions int o t he model. On t his basis, it is recommended t hat t he best way t o
prevent model users from encount ering difficult ies when first viewing t he out put sect ion of
t he model is t o ensure t hat t he layout and st ruct ure of t he out put sect ion is consist ent wit h
t he layout and st ruct ure of t he assumpt ions sect ion of t he spreadsheet model.
BPMC 7- 2 Out put Sect i on St r uct ur e
I t is recommended t hat , wher e pract ical, t he out put sect ions wit hin a
workbook be st ruct ur ed consist ent ly wit h t heir corresponding assumpt ion
sect ions.
St ruct uring t he out put sect ion of a workbook in accordance wit h it s corresponding
assumpt ions sect ion involves t he use of consist ency on every level. For example, it is
recommended t hat t he following component s of t he assumpt ion and out put sect ions of a
spreadsheet model should be made consist ent t o ensure t hat model developers are made
aware of t he relat ionships bet ween t hem:
a) The order and names of t he sheet s wit hin t he sect ions;
b) The present at ion and layout of t he component s wit hin t he sheet s in t he sect ions; and
c) The wording of t it les and headings wit hin corresponding assumpt ions and out put
sheet s.
A simple example of t he consist ent st ruct uring of t he assumpt ions and out put sect ions of a
workbook is provided in t he t able of cont ent s shown below:
Assumpt i on and Out put Sect i on Consi st ency

Not e in t his example workbook st ruct ure t he consist ency bet ween t he st ruct ure and sheet
t it les wit hin t he relat ed sect ions i. e. t he Forecast Asssumpt ions and Forecast Out put s
sect ions and t he sheet s wit hin each of t hese sect ions. Not e also t he segregat ion of
present at ion out put s from t he ot her model out put s via t he inclusion of a present at ion
out put s sub- sect ion ent it led Dashboar d Out put s.
7.3. Out put Wor k sheet Lay out
Alt hough model developer s should always aim t o limit t he dept h of t he worksheet s wit hin
t heir spreadsheet models according t o BPMC 3- 8, many out put worksheet s in complex
spreadsheet models can easily become large and det ailed. While rows and columns can be
grouped t o filt er t he informat ion t hat is visible at any given t ime ( see BPMC 3- 10 Grouping
Levels) , t his approach will not always simplify a worksheet enough t o prevent it from
overwhelming and confusing model users.
As a result , it is recommended t hat ever y out put sheet ( wit h t he except ion of t hose wit h very
lit t le dept h) should be st ruct ured such t hat a summary of t he primary out put s of t he
worksheet is provided at t he t op of t he worksheet before t he commencement of t he out put
calculat ion det ail.
BPMC 7- 3 Out put Wor k sheet Summar i es
I t is recommended t hat , wher e pact ical, a summary of t he primary out put s
on each out put worksheet be provided at t he t op of t he out put worksheet .
I t is recommended t hat an out put worksheet is st ruct ur ed in t he following
order, going down or across t he worksheet :
a) Out put summary ( primary out put s only) ; t hen
b) Out put calculat ions ( including det ails) .
Addit ionally, if only t he summary at t he t op of each out put sheet is used as t he basis for
linking t o ot her worksheet s in t he spreadsheet model, ot her model developers will be
confident in t heir abilit y t o change t he det ailed calculat ions wit hout invalidat ing links t o ot her
worksheet s or workbooks.
Shown below is t he screen view of a t ime series out put sheet which cont ains t he full book
depr eciat ion and amort isat ion schedules for mult iple book asset s and int angibles cat egories.
I n accordance wit h BPMC 7- 3, a summary of t he primary out put s of t he worksheet ( in t his
case Book Asset s and Book I nt angibles) has been included at t he t op of t he worksheet t o
allow model users t o view t his informat ion before or wit hout viewing t he det ailed calculat ions
( i. e. asset schedules) below t his sect ion of t he worksheet .
Out put Wor k sheet Summar i es - Ex ampl e

I n t his example, only t he summaries at t he t op of t he worksheet would be referenced by
formula from ot her worksheet s, t hereby prevent ing ot her model developers fr om having t o
search t he det ail below for dependent formulae before making st ruct ural changes t o t he
worksheet .
7.4. Pr esent at i on Sheet s
Present at ion out put s provide a means by which model out put s may be present ed in a
manner which is consist ent wit h t he aest het ic and personal preferences of model users
wit hout cont ravening t he requirement s of t hese st andards and convent ions. The most
common use of present at ion out put s is t he inclusion of dashboard- st yle present at ion out put s
in spreadsheet models t o provide a t abular and/ or graphical summary of t he model out put s,
oft en locat ed on model schemat ic sheet s ( as discussed in Chapt er 3 Sheet St ruct ure) . These
dashboar d out put s are oft en creat ed using format s and st yles designed t o meet corporat e or
personal preferences rat her t han t he purpose- based format t ing requirement s of t he
st andards and convent ions, as shown below:
Dashboar d Pr esent at i on Out put Ex ampl e

The primary considerat ion when developing present at ion out put s is t o use present at ion
sheet s i. e. sheet s which have been designat ed as being for present at ion use only and are
t herefore exempt from t he st andards and convent ions.
BPMS 7- 2 Pr esent at i on Sheet s
A workbook may cont ain sheet s which do not comply wit h t he st andards
and convent ions, but t hese sheet s must be present at ion sheet s.
A present at ion sheet is a sheet t hat is included in a workbook in order t o
present out put which is necessarily exempt f rom t he st andards and
convent ions in order t o meet aest het ic or corporat e requirement s.
As discussed in above in 7. 2 Out put Segregat ion, present at ion sheet s should always be
included wit h a separat e present at ion sect ion wit hin a spreadsheet model in order t o prevent
ot her model developers fr om being confused by t heir non- applicat ion of best pract ice
st andards and convent ions. Addit ionally, model developers should avoid t he t empt at ion t o
use present at ion sheet s t hroughout spreadsheet models for purposes which could be
achieved using non- present at ion sheet s ( and t herefore adopt ing best pract ice) .
BPMS 7- 3 Pr esent at i on Sheet Usage
Present at ion sheet s should only be included in a workbook where it is not
possible t o use non- present at ion sheet s t o achieve t he same obj ect ive.
Hence, whilst present at ion out put s can be one of t he most powerful and import ant analyt ical
component s wit hin a spreadsheet model, t hey should be used sparingly and not when
developing t he core engine of t he model i. e. t he main assumpt ion ent ry int erfaces and
out put calculat ions t hat perform t he primary analysis undert aken by t he model.
Spr eadsheet Model l i ng Ar ea 8 Cal cul at i on For mul ae
Chapt er 8.
Calculat ion Formulae
8.1. Over vi ew
Formulae are one of t he most fundament al analyt ical t ools provided by spreadsheet
applicat ions, and can be used t o efficient ly analyse almost anyt hing. For t he purposes of
t hese st andards, a formula can exist in t he following forms wit hin a workbook:
a) Wit hin a cell or range of cells;
b) As a condit ional format condit ion;
c) Dat a validat ion; or
d) Wit hin macros.
A formula in a cell can be used for somet hing as simple as adding t he values in t wo cells t o
somet hing as complex as looking up dat a based on mult iple embedded logic funct ions. The
const ruct ion and use of formulae is beyond t he scope of t hese st andards and convent ions.
Calculat ion formulae need t o be cust omised and t est ed for each purpose or requirement and
as such t here are few universal st andards t hat can be applied t o t he specific calculat ion
const ruct ion process.
Const ruct ing calculat ion formulae wit hin a workbook is where t he t rue skill in spreadsheet
modelling lies, and is t he fact or t hat different iat es a good spreadsheet model from a great
spreadsheet model. Most of t he st andards and convent ions cont ained in t his spreadsheet
modelling area relat e t o t he four most import ant areas of formulae const ruct ion:
a) Consist ency;
b) Transparency;
c) Flexibilit y; and
d) Robust ness.
The import ant fact t o remember is t hat formulae errors account for almost all errors t hat are
found in spreadsheet models. Therefore, model developers should carefully const ruct and
audit t he formulae in a workbook before allowing model users t o rely upon t he out put wit hin
t he workbook. For large or complex spreadsheet models t hat are going t o be relied upon for
import ant decision making, it is recommended t hat an independent model audit or review be
undert aken t o verify t he formulae logic and accuracy of t he out put s.
8.2. For mul a Consi st ency
Spreadsheet s are conducive t o formulae t hat calculat e out put s bot h across columns and
down rows e. g. operat ing cost proj ect ions for a t en year period for five different business
unit s. This allows t he model developer t o use a minimal number of different formulae in a
workbook, because out put of t he same t ype can be grouped and t he same formula can
consist ent ly be applied for all of t hese similar out put s. The model developer should not
const ruct different formulae for out put s of a similar t ype, as t his makes t he workbook more
difficult t o underst and. One of t he primary causes of complexit y and lack of underst anding on
t he part of model users is an overwhelming number of different calculat ion formulae being
used for similar or ident ical purposes. Therefore, t he number of different formulae in a
workbook should be minimised.
A good model developer will st andardise t he formulae t hat are used in t he workbook such
t hat t hey eit her use t he same formula or are present ed consist ent ly where t here are similar
t ypes of formulae. When t he same t ype of out put is required across a row or down a column,
t he formula t hat is applied should be t he same, such t hat it can be copied across t he row or
down t he column.
BPMS 8- 1 Consi st ent For mul ae
When more t han one adj acent cell cont ains a similar t ype of out put t he
st ruct ure and component s of t he formulae wit hin t he cells should always be
consist ent , so t hat t he cell can be copied across / down t he relevant range
wit hout needing t o make changes.
Any formula t hat is calculat ing t he same t ype of out put should be grouped t oget her and
should apply t he same formula bot h across columns and down rows. The only difference in
each formula will be t he assumpt ions t hat are referenced, depending upon t he posit ion of t he
formula in t he columns and rows.
8.3. Assumpt i ons Segr egat i on
I n accordance wit h t he assumpt ion ent ry int erface st andards and convent ions discussed in
Chapt er 5, all assumpt ions wit hin a workbook should be locat ed on clearly labelled, dedicat ed
assumpt ion sheet s. Hence, as implied from t his principle, assumpt ions should never be
ent ered wit hin out put formulae.
BPMS 8- 2 No Assumpt i ons i n Mi x ed Cel l Cont ent
Assumpt ions should not be embedded in cells cont aining mixed cell cont ent
i. e. cells cont aining cont ent wit h a combinat ion of const ant and formula.
Placing an assumpt ion wit hin an out put formula makes it very difficult for bot h t he model
developer and model user t o operat e and underst and a spreadsheet model. Not only will t he
assumpt ion be out of view on t he screen ( unless t he relevant cell is select ed and t he formula
bar is analysed) but it also will not print . More import ant ly it will not be at all clear t o model
users t hat t he ent ry is in fact an assumpt ion. Addit ionally, embedding an assumpt ion wit hin
out put formulae will make it very difficult for ot her model developers t o under st and and
manipulat e t he spreadsheet model.
Not e t hat t he inclusion of mixed cell cont ent wit h spreadsheet models does not indicat e t hat
assumpt ions have been embedded wit hin formulae i. e. a mixed formula cont ent may have
been used t o ent er or concat enat e t ext or t o specify a row or column offset number wit hin a
lookup of OFFSET- t ype funct ion. Many such used of mixed cell cont ent are complet ely
accept able and in fact necessary t o develop high- qualit y spreadsheet models.
Possibly t he worst way in which assumpt ions can be embedded in mixed cell cont ent is when
t he const ant t hat is embedded wit hin t he formula is clearly an assumpt ion t hat direct ly
affect s model out put s in a way which is not obvious t o model users wit hout examining t he
det ail wit hin t he formula. An example of t his non- best pract ice use of mixed cell cont ent
might be t he use of an I F funct ion t o check if a t ime series period is t he sevent h t ime series
period, knowing t hat a part icular event t akes place in t his period wit hin t he spreadsheet
model. I n t he unlikely event t hat t his event will always t ake place in t he sevent h t ime series
period, and t hat t his fact will be obvious t o model users, t he embedding of an assumpt ion in
t his way might be accept able and t herefore not cont ravent BPMS 8- 2. However, in t he more
likely scenario where t he model users will not know why t he model logic is specifically
addressing t he sevent h period, t he t iming of t he underlying event should be broken out as
an assumpt ion so t hat model users may select t he applicable period, even if t he default is
always t he sevent h period.
8.4. Compl ex For mul ae
One of t he maj or problems in t he spreadsheet modelling sect or is communicat ing t he logic
cont ained wit hin a spreadsheet model, part icularly where t here ar e complex formulae. Hence
as a general rule it is recommended t hat , where pract ical, model developers avoid t he use of
compex formulae when developing spreadsheet models.
BPMC 8- 1 Av oi d Compl ex For mul ae
I t is recommended, where pract ical, t hat complex formulae not be used
wit hin a workbook.
However, in realit y very few spreadsheet models are developed wit hout t he necessary use of
some complex formula. To assist wit h t his problem, it is recommended t hat t he model
developer cr eat e flow diagrams t o represent t he logic of complex formulae. A diagrammat ic
represent at ion of complex, oft en mult i- level logic formulae has been proven t o be an
effect ive met hod of conveying an underst anding of workbook logic t o model users.
BPMC 8- 2 Compl ex For mul ae Schemat i cs
I t is recommended, where pract ical, t hat complex formulae wit hin a
workbook be explained t hrough t he creat ion of formulae schemat ics
( diagrams r epr esent ing for mula logic) t hat are placed in a separat e model
schemat ic sect ion of t he workbook.
Formula schemat ics are a specific t ype of model schemat ic t hat are designed t o provide a
diagrammat ical represent at ion of t he logic wit hin a part icular formula. They can be
cont rast ed wit h more general model schemat ics t hat provide general model informat ion such
as links t hat may exist bet ween workbooks, or represent at ions of t he logic bet ween relat ed
formulae. Formula schemat ics are usually creat ed t o help ot her model developers underst and
select ed complex formulae wit hin a model.
As t he name implies, formula schemat ics should be const ruct ed wit hin model schemat ic
sheet s. For more informat ion on t he model schemat ic sheet t ype and examples of t he
creat ion of schemat ic diagrams wit hin t his sheet t ype, see 3. 7 Sample Sheet Layout s.
The following simple model schemat ic examples show how Excel' s I F and CHOOSE funct ions
might be represent ed wit hin a formula schemat ic:
I F Funct i on Sampl e For mul a Schemat i c

CHOOSE Funct i on Sampl e For mul a Schemat i c

Alt hough t he formula schemat ic for each part icular funct ion will usually be quit e simple,
complexit y result s from t he use of numerous funct ions ( oft en embedded wit hin each ot her)
in a single formula. I n such cases, formula schemat ics can appear quit e overwhelming, but
t he formula logic should be communicat ed regardless.
The following example shows how a CHOOSE funct ion might be represent ed in a formula
schemat ic when embedded wit hin t he FALSE Result of an I F st at ement :
CHOOSE Funct i on Embedded I n I F Funct i on Sampl e For mul a Schemat i c

Creat ing formula schemat ics has t he dual benefit s of simplifying t he explanat ion of t he logic
behind a complex formula and forcing t he model developer t o undert ake a self- review of t he
logic driving complex formulae. Formula schemat ics can be part icularly useful in resolving
calculat ion logic errors in formulae t hat are t oo large t o analyse easily wit hin t he formula
bar.
8.5. For mul a Pr esent at i on
I ndividual formulae can cont ain several funct ions or component s. When a formula wit hin a
workbook cont ains several funct ions, t he formula becomes difficult for bot h model
developers and model users t o underst and and ment ally separat e int o it s component par t s.
I t is t herefore recommended t hat t he funct ions in t he formula be separat ed int o several lines
t o break t he formula int o logical component s, represent ing t he logic. I n t his way, formulae
can be present ed in virt ual paragraphs, wit h each paragraph repr esent ing a component of
t he formulae.
BPMC 8- 3 Mul t i pl e Funct i on For mul ae
I t is recommended t hat formulae wit hin a workbook t hat cont ain mor e t han
one funct ion be separat ed wit hin t he formula such t hat each new funct ion is
displayed on a separat e line of t he formula bar.
Creat ing a new line in a formula can be achieved ( in Microsoft Excel
) by holding down Alt

and t hen pressing Ent er whilst t he cursor is locat ed in t he formula bar. The following simple
examples show a formula cont aining an I F funct ion embedded wit hin anot her I F funct ion
bot h wit h and wit hout t he use of mult iple lines in t he formula bar:
Embedded I F Funct i ons - For mul a Bar Wi t hout Mul t i pl e Li nes
= I F( logical_t est 1, [ value_if_t r ue1] , I F( logical_t est 2, [ value_if_t rue2] , [ value_if_false2] ) )

Embedded I F Funct i ons - For mul a Bar Wi t h Mul t i pl e Li nes
= I F( logical_t est 1,[ value_if_t r ue1] ,
I F( logical_t est 2,[ value_if_t rue2] ,
[ value_if_false2] ) )
Anot her sit uat ion in which t he use of mult iple lines wit hin t he formula bar can great ly assist
model users and ot her model developers in underst anding t he logic wit hin a formula is when
a CHOOSE funct ion is being used t o det ermine t he value of a cell. The following example
shows how a choose funct ion wit h four pot ent ial out comes might be repr esent ed in t he
formula bar using mult iple lines:
CHOOSE Funct i on - For mul a Bar Wi t hout Mul t i pl e Li nes
= CHOOSE( index_num,value1,value2,value3,value4)

CHOOSE St at ement - For mul a Bar Wi t h Mul t i pl e Li nes
= CHOOSE( index_num,
value1,
value2,
value3,
value4)
I t may be difficult from t hese examples t o envisage how t he use of mult iple lines in t he
formula bar can significant ly aid in t he underst anding of formula logic. However, if each of
t he values in t he above CHOOSE st at ement example ( value1 value4) was replaced wit h an
embedded I F funct ion, t he benefit s of using mult iple lines in t he formula bar become more
apparent .
The use of mult iple lines wit hin t he formula bar when writ ing complex mult i- funct ion
formulae is recommended by BPMC 8- 3 but is not required by any of t he st andards in t hese
st andards and convent ions. I t has been recommended from t he experience of t hose on t he
Spreadsheet St andards Review Board but is not required t o achieve best pract ice.
8.6. Ci r cul ar Ref er ences
Circular references cause a spreadsheet applicat ion t o it erat e or calculat e mult iple t imes in
order t o solve t he model formulae out put s. This increases t he calculat ion t ime of a workbook
significant ly and can also cause inst abilit y wit hin t he surrounding spreadsheet applicat ion.
Furt her, circular references are generally managed using it erat ive calculat ion met hods, which
int roduce t he possibilit y of inaccurat e out put s, where amongst ot her issues:
a) Not enough it erat ions are performed; or
b) Mult iple solut ions exist ( where boundar ies are not managed or set ) .
Circular references also limit t he size at which a workbook will operat e effect ively, and are a
significant cause of spreadsheet applicat ion shut down. As a result , a workbook should never
cont ain circular references.
BPMS 8- 3 Ci r cul ar Ref er ences
A workbook or group of linked workbooks should never cont ain a cir cular
reference.
The creat ion of circular references in worksheet formulae is t he primary reason for many
developers requiring t he calculat ion met hod of t he spreadsheet applicat ion t o be set t o
manual ( wit h it erat ions) inst ead of aut omat ic. This out come alone conflict s wit h BPMS 16- 1
which requires t hat a workbook, where pract ical, be set t o calculat e aut omat ically.
I f a relat ionship t hat is being modelled is unavoidably circular, t his circular should be broken
using a combinat ion of const ant s ( inst ead of formulas) and a code ( such as t he Visual Basic
for Applicat ions code available wit hin Microsoft Excel
) used t o perform it erat ions on

command ( see 15. 2 Recording Macros) . However, t his is a last resort and all possible st eps
should be t aken t o resolve a circular reference mat hemat ically before adopt ing t his
approach.
Circular references can be avoided in almost all cases by re- evaluat ing t he mat hemat ical
relat ionships which have caused t hem. I n some cases t he model developer may be
warrant ed in making some simplifying assumpt ions ( where possible) t o prevent a circular
reference wit hout mat erially affect ing t he validit y of t he out put s wit hin t he spreadsheet
model.
Spr eadsheet Model l i ng Ar ea 9 Nami ng Pr i nci pl es
Chapt er 9.
Naming Principles
9.1. Over vi ew
Names are used on t hree main levels wit hin most spreadsheet applicat ions:
a) Workbook naming;
b) Sheet naming; and
c) Worksheet range naming.
The use of st ruct ured and logical syst ems promot es clarit y for model users and developers.
As a general rule, names ( especially sheet names and worksheet range names) should be
limit ed in lengt h t o prevent t he creat ion of excessively long int er- workbook and int er-
worksheet formulae. Ot her t han t his general rule, different considerat ions apply t o t he
creat ion of names on each of t hese t hree levels. This chapt er of t hese st andards and
convent ions discusses each of t hese t hree areas in t he following pages.
9.2. Wor k book Nami ng
Naming workbooks ( or files) is very import ant , because t he name of t he workbook is t he
only fact or t hat dist inguishes it from ot her files wit hin a direct ory or folder. The nat ure of t he
spreadsheet model development process is such t hat mult iple versions of workbooks are
oft en creat ed over t ime, result ing in several versions of t he same spreadsheet model.
Spreadsheet models are also oft en st ored and used at lat er point s in t ime. When t his occurs
it can be difficult for model developers or users t o find t he correct file or version wit hout
appropriat e workbook names having been applied.
Therefore, t he model developer should always ensure t hat t he name of a workbook provides
t he appropriat e informat ion, bearing in mind t he need t o different iat e t he name from ot her
workbook names and t he pot ent ial need for different versions of t he workbook.
BPMS 9- 1 Wor k book Nami ng
Each workbook should be named such t hat t he name:
a) Allows for different ver sions of t he workbook;
b) Remains consist ent bet ween versions of t he workbook; and
c) Differ ent iat es t he workbook fr om ot her workbooks.
The creat ion of meaningful and descript ive workbook names is relevant in t wo cases:
1) When mult iple workbooks are linked in a group and t he name of each workbook is
used t o dist inguish it from ot hers in t he group; and
2) When a number of versions of t he same model ( but for amendment s and
modificat ions) are dist ribut ed during t he course of it s development .
I n t he second case, a syst em of versioning should be used t o ensure t hat model users are
always aware of t he relat ive version of t he model t hey are using. The most import ant
considerat ions when put t ing in place a syst em of versioning t o derive workbook names are:
The syst em must be able t o handle a large number of versions wit hout becoming
confusing;
A new version of each model should be creat ed aft er every dist ribut ion t o model users;
and
A log should be maint ained wit hin t he model ( i. e. in an Appendix sect ion) explaining
t he versioning syst em and t he changes made bet ween different versions.
Alt hough it is not possible t o put in place a syst em t o st rict ly govern t he creat ion of
workbook names, model developers should consider t he workbook naming syst em used for
each model as it is const ruct ed. This will avoid t he need t o ret rospect ively change workbook
names aft er finalising t he development process, which can creat e issues when mult iple linked
workbooks are involved.
Wor k book Name Di spl ay
Following t he creat ion of a workbook name which allows for t he efficient and effect ive
st orage and different iat ion of t he workbook, it is import ant t o ensure t hat model users and
model developers are always aware of t he model t hey are analysing. This is part icularly
relevant where eit her t he model is one of a number of versions or is one of mult iple linked
workbooks in a group.
I n order t o achieve t his, it is recommended t hat a model name be ent ered int o a worksheet
in each workbook ( usually as a non- assumpt ion const ant on t he workbook cover sheet ) and
t hen referenced by formula in t he sheet t it le area of every worksheet in t he workbook. The
ent ered model name does not have t o be exact ly t he same as t he workbook file name and in
fact should be more user- friendly because it will not be governed by file naming rules and
rest rict ions. However, t he model name should correspond closely enough t o t he workbook
file name t o ensure t hat model users and developers are able t o relat e t he t wo names.
BPMC 9- 1 Wor k book Name Di spl ay
I t is recommended t hat every workbook have a name and t hat t he name
correspond wit h t he file name.
I t is recommended t hat every worksheet in t he workbook displays t he
model name ( in addit ion t o t he sheet t it le) and t hat t he model name is
consist ent ly format t ed and locat ed.

BPMC 9- 2 Fi l e Name Vi si bi l i t y
I t is recommended t hat t he file name for every workbook is cont ained
wit hin t he header or foot er of each sheet in t he workbook.
The t able below provides some examples of logical, informat ive workbook file names ( for
Microsoft Excel
) and possible associat ed model names:

Wor k book Fi l e Name Possi bl e Model Name
Acme Revenue Model 1.01.xls Acme Revenue Model Ver sion 1. 01
Acme Opex Model 150606. xls Acme Operat ing Expendit ure Model
( 15t h June 2006)
Acme WI P Log 2.35.xls Acme Work I n Progress Log Version 2.35
Workbook naming is unlike sheet and r ange naming ( bot h discussed below) because t here
are an unlimit ed number of t ypes of workbook and purposes for which workbooks might be
used. As a result , t he model developer will be required t o develop a suit able workbook
naming syst em for each spreadsheet modelling proj ect and ensure t hat t his syst em is
consist ent ly followed t hroughout t he proj ect t o avoid misleading and confusing model users
and ot her model developers. This will creat e a level of st andardisat ion in t he naming
approach.
9.3. Sheet Nami ng
Sheet naming refers t o t he name ent er ed int o t he sheet t ab of each sheet wit hin a
workbook. Sheet naming should not be confused wit h t he ent ering of sheet t it les at t he t op
of each sheet ( as per BPMS 3- 1 Sheet Tit les) , which in almost every case will be different t o
t he sheet name because of t he requirement t o limit sheet name lengt hs ( discussed below) .
The primary import ance of sheet naming is t hat t he name of a worksheet t hat is referenced
by a formula in a cell in anot her worksheet will always appear in t hat formula. Hence,
especially in workbooks cont aining a large number of worksheet s, it is import ant t hat t he
name given t o each worksheet provides sufficient informat ion t o a model developer or model
user analysing a formula in which it is referenced t o prevent t he need t o t race t he formula t o
t he source worksheet ( s) .
As such, t he naming of sheet s in a workbook should always be done wit h t hree
considerat ions in mind:
1) Excessively long sheet names reduce t he number of ext ernal worksheet precedent s
t hat can be included in a formula because t he lengt h of a formula st ring wit hin a cell is
limit ed;
2) Model users ( and ot her model developer s) should generally be made aware of t he
cont ent of t he sheet based on it s name; and
3) Model users ( and ot her model developer s) should be able t o det er mine t he sheet t ype
( see BPMS 1- 3 Sheet Cont ent and BPMC 1- 1 Sheet Types) of each sheet from it s
name.
The first of t hese considerat ions can be dealt wit h simply by ensuring t hat sheet name
lengt hs are always minimised. Most applicat ions will already cont ain a limit on sheet name
lengt h, but t his limit should not normally be reached.
The second considerat ion cannot be governed by fixed principles because specific sheet
cont ent is unlimit ed and must t herefore be described on a case by case basis. Similarly t o
workbook naming, t he model developer will be required t o develop a suit able sheet naming
syst em for each spreadsheet modelling proj ect and ensure t hat t his syst em is consist ent ly
applied t hroughout t he pr oj ect t o avoid misleading and confusing model users and ot her
model developers.
Finally, ensuring t hat t he sheet name given t o each sheet in a workbook indicat es it s sheet
t ype is best achieved t hrough a syst em of suffixing. This t echnique is discussed in det ail
below.
Sheet Ty pe Nami ng Suf f i x i ng
When a spreadsheet model is developed in accordance wit h t he sheet classificat ions st at ed
and recommended by t hese st andards and convent ions ( see BPMS 1- 3 Sheet Cont ent and
BPMC 1- 1 Sheet Types) , every sheet in t he underlying workbook will have been classified as
a specific sheet t ype. Alt hough t his informat ion should be conveyed t hrough t he use of
purpose- based format s and st yles ( see BPMS 1- 2 Sheet Classificat ion and BPMC 1- 4 Sheet
Purpose) , it should also be indicat ed by t he name given t o each sheet in t he workbook.
BPMS 9- 2 Sheet Nami ng
Every sheet name in a workbook should indicat e t he sheet t ype.
To meet t his requirement , it is recommended t hat t he t ype of each sheet in a workbook be
communicat ed t hrough it s sheet name via t he addit ion of a sheet t ype specific suffix using a
t echnique referred t o t hroughout t hese st andards and convent ions and sheet name suffixing.
Suffixing refers t o t he t echnique of adding a suffix ( a short , informat ive t ext st ring) t o each
sheet name in a workbook wit h t he purpose of clearly indicat ing t he sheet t ype t o ot her
model developers and model users. The exact suffixes used t o represent different sheet
t ypes will vary depending on whet her or not t he sheet classificat ions recommended in t hese
st andards and convent ions have been adopt ed. However, t he model developer should ensure
t hat model users and ot her model developers who come int o cont act wit h t he model are
made aware of t he suffixing syst em adopt ed in each workbook ( see BPMC 9- 5 Sheet Naming
Key below) .
BPMC 9- 3 cont ains a list of sheet naming suffixes corresponding t o t he exhaust ive list of
sheet t ypes r ecommended by BPMC 1- 1 Sheet Types:
BPMC 9- 3 Sheet Ty pe Nami ng Suf f i x es
I t is recommended t hat t he following suffixes be appended t o sheet t ab
names t o indicat e t he t ype of sheet t hat is being named:
Sheet Ty pe Suf f i x
a) Cover sheet Cover
b) Cont ent s sheet Cont ent s
c) Sect ion cover sheet SC
d) Model schemat ic sheet MS

TA
TO
f) Blank sheet

BA
BO
g) Lookup sheet LU
h) Chart sheet CHT
These suffixes are exhaust ive and, ot her t han secondary sheet naming
suffixes, should be t he only sheet naming suffixes required when naming
sheet s.
Addit ionally, it is recommended t hat addit ional sheet naming suffixes be used t o reflect t he
sub- classificat ion of sheet s as model import , model export or present at ion.
BPMC 9- 4 Secondar y Sheet Nami ng Suf f i x es
I n addit ion sheet t ype naming suffixes, it is r ecommended t hat t he
following suffixes be appended t o any sheet t ab names t o indicat e any of
t he following sub- classificat ions of t he sheet :
Sheet Sub- Cl assi f i cat i on Secondar y Suf f i x
a) Model import MI
b) Model export ME
c) Present at ion P
These secondary sheet naming suffixes should be appended prior t o
appending t he applicable sheet t ype naming suffix.
Hence, inst ead of simply naming a t ime series sheet which calculat es revenue out put s
Revenue_Out put s, t his sheet could be named Revenue_TO, which communicat es t hree
pieces of informat ion about t hat sheet :
1) The sheet cont ains informat ion relat ing t o Revenue;
2) The sheet is a t ime series sheet ; and
3) The sheet is an out put sheet .
Similarly, a revenue t ime series assumpt ion sheet which cont ained t he assumpt ions
underlying t his revenue t ime series out put sheet could be named Revenue_TA, highlight ing
t hat t he only real difference bet ween t hese t wo sheet s is t he assumpt ion vs. out put nat ure of
t heir cont ent . Furt hermore, if t he revenue t ime series out put sheet was act ually a
present at ion out put sheet ( see Chapt er 7 Out put s & Present at ions) , it could be named
Revenue_P_TO t o also convey t his propert y t o model users and ot her model developers.
Because t hese sheet naming suffixes will mean not hing t o model users and ot her model
developers who are not applying t hese st andards and convent ions, it is recommended t hat a
key or legend t hat explains t hese sheet naming suffixes should be included in any workbook
where t hey have been applied. This will ensure t hat every person who comes int o cont act
wit h t he spreadsheet model will be able t o efficient ly underst and t he sheet naming syst em
t hat has been adopt ed.
BPMC 9- 5 Sheet Nami ng Key
Where t he sheet naming prefixes or suffixes are used in a workbook, it is
recommended t hat a key or legend t hat explains t he sheet naming pref ixes
or suffixes also be included in t he workbook.
I f t he sheet naming suffixes recommended in BPMC 9- 3 ( discussed above) are applied, t he
Sheet Naming Key included in t he workbook might appear as follows:
Sheet Ty pe Descr i pt i on / Pur pose Suf f i x
Cover I ndicat es t he st art of a workbook. Cover
Cont ent s Cont ains t he workbook Table of Cont ent s. Cont ent s
Sect ion Cover I ndicat es t he st art of a workbook sect ion. SC
Sub- Sect ion Cover I ndicat es t he st art of a workbook sub- sect ion. SSC
Blank Assumpt ion Residual cat egory ( cont ains assumpt ions) . BA
Time Ser ies Assumpt ion Cont ains t ime series t it les for forecast ing
assumpt ions over a set t ime frame.
TA
Blank Out put Residual cat egory ( cont ains out put s) . BO
Time Ser ies Out put Cont ains t ime series t it les for calculat ing out put s
over a set t ime frame.
TO
Lookup Cont ains lookup dat a for use in forms / cont r ols
and in worksheet formulas.
LU
Model Schemat ic Cont ains model diagrams and flow char t s. MS
Chart Cont ains a chart . CHT
Present at ion Cont ains pr esent at ion out put s. P
Model I mport Cont ains for mulae t hat refer ence worksheet
ranges in anot her workbook.
MI
Model Export Cont ains worksheet ranges t hat are referenced
by formulae in anot her workbook.
ME
This example sheet naming key includes references t o model import and export sheet s,
which are relevant if t he underlying workbook is part of a group of linked workbooks, and
present at ion sheet s, which may be included if present at ion out put s are included wit hin t he
underlying spreadsheet model. For more informat ion on model import and export sheet s, see
Chapt er 13 Mult iple Workbooks. For more informat ion on present at ion sheet s, see Chapt er 7
Out put s & Pr esent at ions.
The inclusion of a sheet naming key becomes more import ant wit h t he number of expect ed
model users and t he level of familiarit y t hat t hese model users will be expect ed t o have of
t he spreadsheet model and t hese st andards and convent ions. Generally, it is recommended
t hat every workbook cont ain a sheet naming key t o prevent any pot ent ial confusion in
underst anding t he sheet naming syst em used in t he workbook.
To furt her elaborat e on t he sheet naming suffixes, t he following t able provides examples of
t he applicat ion of sheet naming suffixes t o each sheet t ype ( including sheet s t hat have been
sub- classified as present at ion, model import and model export ) :
Ex ampl e
Sheet Ty pe Suf f i x ( es) Sheet Ti t l e Sheet Name
Cover Cover Model Name Cover
Cont ent s Cont ent s Table of Cont ent s Cont ent s
Sect ion Cover SC Assumpt ions Ass_SC
Sub- Sect ion Cover SSC Tax Assumpt ions Tax_Ass_SSC
Blank Assumpt ion BA Timing Assumpt ions Timing_BA
Time Ser ies
Assumpt ion
TA Revenue Assumpt ions Rev_TA
Blank Out put BO Revenue Summary Rev_BO
Time Ser ies Out put TO Revenue Proj ect ions Rev_TO
Lookup LU Revenue Lookup Tables Rev_LU
Model Schemat ic MS Model Diagrams Diagrams_MS
Chart CHT Revenue Chart Rev_CHT
Model Schemat ic /
Present at ion
P MS Revenue Dashboard Summar y Rev_Dashboard_MS
Time Ser ies Out put /
Model I mport
MI TO Revenue Proj ect ions Model
I mport s
Rev_MI _TO
Time Ser ies Out put /
Model Export
ME TO Revenue Proj ect ions Model
Export s
Rev_ME_TO
Blank Out put /
Model I mport
MI BO Revenue Proj ect ions Model
I mport s
Rev_MI _BO
Blank Out put /
Model Export
ME BO Revenue Proj ect ions Model
Export s
Rev_ME_BO
Not e from t his t able:
The workbook cover sheet and cont ent s sheet should be unique in each model and
t herefore should have t he same post fix and sheet name;
Sheet names have been based on t he t it le of each sheet and short ened wherever
possible t o minimise t he lengt h of formulae in t he workbook t hat cont ain precedent
range references on ot her sheet s; and
Spaces wit hin sheet names have been replaced wit h underscores ( i. e. Ass_SC inst ead
of Ass SC) in order t o maximise t he readabilit y of formulae in t he workbook t hat
cont ain precedent range r eferences on ot her sheet s.
The appropriat e sheet naming suffix det erminat ion process ( excluding present at ion, model
import and model export sheet s) is summarised in t he following diagram:
Whi ch Su f f i x ?
BL
BO
BA
CHT
Sub- Sect ion Cover
Sh e e t Na m i n g Su f f i x Sh e e t Ty p e
GC
SSC
Cont ent s
Cover
Sect ion Cover
Time Ser ies Out put
Blank Assumpt ion
Cont ent s
Model Schemat ic
Time Ser ies Assumpt ion
SC
Char t
Blank Out put
Lookup
MS
TO
TA

The incorporat ion of t he present at ion, model import and model export sub- classificat ions ( if
applicable) is shown below. This summary shows only t he use of model schemat ic sheet s for
present at ion out put s and t ime series out put and blank out put sheet s for model import s and
export s:
Su f f i x
Pr esent at ion P MS
MI TO
Su b - Cl a ssi f i ca t i o n
MI BO
ME BO
Model I mpor t
( Time Ser ies Out put )
Model Expor t
Model I mpor t
( Blank Out put )
Model Expor t
( Blank Out put )
Blank Out put
Sh e e t Ty p e
Time Ser ies Out put
ME TO
Model Schemat ic
Whi ch Su f f i x ?

Not e t hat t he present at ion, model import or model export secondary sheet naming suffix is
always included immediat ely before t he sheet t ype sheet naming suffic suffix.
9.4. Range Nami ng
The naming of worksheet ranges in spreadsheet models allows ranges t o be referred t o using
meaningful phrases as opposed t o t he range address t hat is by default given t o each range
by t he spreadsheet applicat ion. By naming a cell or range of cells, a model developer can
make formulae wit hin a spreadsheet model read more like sent ences, and in t his way make
t he logic of formulae in t he model more t ransparent and readable.
The use of range names in spreadsheet models is not required in order t o implement best
pract ice, and is t herefore a choice made by model developers when building each
spreadsheet model. However, t he convent ions wit hin t hese st andards and convent ions
recommend t he use of range names because it is t he view of t he Spreadsheet St andards
Review Board t hat t he benefit s of t he syst emat ic use of range names far out wieight t he cost s
of doing so.
Hence, it is recommended t hat worksheet range naming be used t hroughout a spreadsheet
model t o convey an underst anding of t he formulae t o bot h ot her model developers and
model users. I n part icular, assumpt ions ranges should be named wherever reasonable t o
prevent t he need for t he t r acing of formula precedent s from out put sheet s back t o
assumpt ion sheet s in order t o underst and a formula.
The following example shows how t he naming of an assumpt ion cell can great ly simplify t he
int erpret at ion of a formula on an out put sheet . I n t his case, cell F21 on t he act ive ( out put )
sheet cont ains a company' s t axable income, while cell D20 on t he relat ed assumpt ion sheet
( here named Tax_BA) cont ains t he t ax rat e assumpt ion. I n t he first inst ance, t he t ax rat e
assumpt ion cell is not named ( and t herefore referr ed t o in t he equat ion as Tax_BA! D20) ,
while in t he second inst ance it has been named Tax_Rat e:
For mul a Wi t hout Range Nami ng For mul a Wi t h Range Nami ng
= MAX( 0,F21* Tax_BA! D20) = MAX( 0,F21* Tax_Rat e)
Not e t hat wit hout range naming, a model user or developer would not be required t o t race
t he precedent reference Tax_BA! D20 back t o t he t ax assumpt ion sheet in order t o learn
t hat t his assumpt ion cell is t he t ax rat e assumpt ion. This can be compared wit h t he formula
wit h range naming, in which it is clear t hat t he cell F21 is being mult iplied by a t ax rat e.
The naming of worksheet ranges is very simple but will always be limit ed by t he rules put in
place by each part icular spreadsheet applicat ion. The principles discussed in t hese st andar ds
and convent ions can be applied in all spreadsheet applicat ions for any modelling purpose and
should be used t o ensure t hat at a minimum ot her model developers are able t o underst and
at a glance t he t ype or purpose of t he range referred t o by each name.
BPMS 9- 3 Range Nami ng
Every range name in a workbook should describe t he cont ent or use of t he
range being named.
I n t his way, worksheet range names can provide considerable informat ion t o model users
and developers about t he cont ent and purpose of cells wit hin a spreadsheet model. Because
t here are a limit ed number of t ypes of worksheet ranges and pur poses t hat a worksheet
range can have ( see below) , every range name in a workbook should indicat e eit her t he t ype
or purpose of t he range t o which t he name is referring. This is best achieved t hrough a
syst em of prefixing. This t echnique is discussed in det ail below.
Range Nami ng Pr ef i x i ng
Worksheet range names should be different iat ed by t he use of range naming prefixes.
Naming prefixes are simply a t wo t o t hree charact er prefix at t ached t o t he st art of a name t o
indicat e t he t ype or purpose of t he underlying range t o ot her model developer s and users. I n
t his sense, names differ depending on t he t ype or purpose of t he range t o which t hey refer.
BPMS 9- 4 St andar di sed Nami ng Pr ef i x es
Every range name in a workbook should have a st andardised prefix t o
ident ify what t ype of range t he name refers t o or t he purpose of t hat range.
BPMC 9- 6 cont ains a list of worksheet range naming prefixes t hat correspond t o t he
exhaust ive list of range t ypes and pur poses. This list is provided below:
BPMC 9- 6 Range Nami ng Pr ef i x es
I t is recommended t hat t he following prefixes be used when naming ranges
t o indicat e t he t ype of range t hat is being named or t he pur pose of t hat
range:
Range Ty pe Pr ef i x Range Descr i pt i on / Pur pose
Row Array RA_ Single row, mult iple- column,
single- area array.
Column Array CA_ Single- column, mult iple- row,
single area arr ay.
Block Array BA_ Single- area, mult iple- cell, non-
row, non- column array.
Mult iple Area Array MAA_ Mult iple- area ( includes areas of
any t ype) .
Base Cell BC_ Single cell base cell ( for OFFSET
funct ion r eference, et c) .
Lookup LU_ Names a lookup t able range on a
lookup sheet .
Hyperlink Cell
Refer ence
HL_ Hyperlink cell r eference.
Check Box Cell Link CB_ Check box cell link.
Drop Down Box Cell
Link
DD_ Drop down box cell link.
List Box Cell Link LB_ List box cell link.
Opt ion But t on Cell
Link
OB_ Opt ion but t on cell link.
Spin But t on Cell Link S_ Spin but t on cell link.
Scroll Bar Cell Link SB_ Scroll bar cell link.
Residual N/ A Residual cat egory ( i. e. single cell
non- base cells, et c.) .
This list of range naming pr efixes is exhaust ive, and should be t he only
range naming prefixes requir ed when naming cells, cell ranges or cont rol
cell links.
Because t hese range naming prefixes will mean not hing t o model users and ot her model
developers who are not applying t hese st andards and convent ions, it is recommended t hat a
key or legend t hat explains t hese range naming prefixes should be included in every
workbook where t hey have been applied. This will ensure t hat every person who comes int o
cont act wit h t he spreadsheet model will be able t o efficient ly underst and t he r ange naming
syst em t hat has been applied.
BPMC 9- 7 Range Nami ng Key
Where range naming prefixes are used in a workbook, it is recommended
t hat a key or legend t hat explains t he range naming pref ixes also be
included in t he workbook.
I f t he range naming prefixes recommended in BPMC 9- 5 ( discussed above) are applied, t he
Range Naming Key included in t he workbook might appear as follows:
Range Ty pe / Pur pose Descr i pt i on / Pur pose Pr ef i x
Row Array Single row, mult iple- column, single- area
array.
RA_
Column Array Single column, mult iple- row, single- area
array.
CA_
Block Array Single area, mult iple- cell, non- row, non-
column array.
BA_
Mult iple Area Array Mult iple- area ( includes areas of any
t ype) .
MAA_
Base Cell Single cell base cell ( for OFFSET funct ion
reference, et c) .
BC_
Lookup Names a lookup t able range on a lookup
sheet .
LU_

Hyperlink Cell Refer ence Hyperlink cell r eference. HL_
Check Box Cell Link Check box cell link. CB_
Drop Down Box Cell Link Drop down box cell link. DD_
List Box Cell Link List box cell link. LB_

Opt ion But t on Cell Link Opt ion but t on cell link. OB_
Spin But t on Cell Link Spin but t on cell link. S_
Scroll Bar Cell Link Scroll bar cell link. SB_
Residual Residual cat egory ( e. g. single cell non-
base cells, et c. ) .
N/ A
This t able would also need t o include a foot not e explaining t he t reat ment of range naming
prefixes ( explained below) . The inclusion of a range naming key becomes more import ant
wit h t he number of expect ed model users and t he level of familiarit y t hat t hese model users
will be expect ed t o have of t he spreadsheet model. Generally, it is recommended t hat every
workbook cont ain a range naming key t o prevent any pot ent ial confusion in underst anding
t he range naming syst em used in t he workbook.
The appropriat e range naming prefix det erminat ion process is summarised in t he following
diagram:
N/ A
List Box LB_
Spin But t on S_
Scr oll Bar SB_
OB_
Wh i ch Pr e f i x ?
Range Type
Ra n g e Pu r p o se
LU_
RA_
HL_
Na m i n g Pr e f i x
BA_
MAA_
CA_
DD_
Base Cell
Hyper link
CB_
BC_
Dr op Down Box
Check Box
Ot her
Opt ion But t on
Ra n g e Ty p e
Lookup Ar r ay
Cont r ol Cell Link
Row Ar r ay
Column Ar r ay
Block Ar r ay
Mult iple Ar ea Ar r ay

The effect ive use of naming prefixes when creat ing worksheet range names creat es many
benefit s, especially in large spreadsheet models. These benefit s include:
a) I mmediat e communicat ion of name t ypes ( or purposes) t o model users and ot her
model developers;
b) A reduct ion in t he t ime required t o det ermine / underst and t he formula precedent s t o
a cell ( i. e. readable formulae) ;
c) To provide a reliable reference point for code ( e. g. Visual Basic for Applicat ions
)
which is manipulat ing worksheet ranges wit hout concerns about adding and removing
rows and columns; and
d) The names for each model, when alphabet ically list ed in a dialog box, are as a result
aut omat ically segregat ed by prefix and t herefore gr ouped by t ype for easy
ident ificat ion.
One caut ion when using range names in workbooks is t hat each range name is by nat ure an
absolut e reference t o a specific range. This means t hat formula references t o named cells will
not aut omat ically offset when t he cell cont aining t he formula is copied and past ed or filled
down a column or across a row. For t his reason, where large arrays of cells are being
referenced by formulae, it is generally not appropriat e or efficient t o name each cell
individually and t hen updat e each formula reference manually. I n such cases, it may be more
pract ical t o avoid using names or use base cells and OFFSET or LOOKUP- t ype funct ions
inst ead of referencing each cell in t he range explicit ly.
Range Nami ng Conf l i ct s
I n some cases a range may sat isfy t he condit ions required t o j ust ify t he inclusion of more
t han one range naming prefix wit hin one name. The most common example of t his is a
lookup t able range. Every lookup t able will cont ain row arrays ( or somet imes column arrays)
t hat are also lookup ranges. I n such a case, t he model developer should name t he range by
purpose and not by t ype. This general rule is support ed by BPMC 9- 8:
BPMC 9- 8 Range Nami ng Conf l i ct s
Where a worksheet range qualifies for more t han one range naming prefix
under BPMC 9- 6, t he pr efix derived from t he purpose of t he range should
be used when naming t he range, not t he pr efix der ived from it s t ype.

Spr eadsheet Model l i ng Ar ea 10 Ti me Ser i es Anal y si s
Chapt er 10.
Time Series Analysis
10.1. Over vi ew
Time series analysis involves t he analysis of numbers over designat ed periods of t ime and
due t o it s general applicat ion is one of t he most common uses of spreadsheet modelling.
Time series analysis may be undert aken on a hist orical and/ or forecast basis over periods of
any durat ion. Moreover, t ime series analysis is generally more mat hemat ically complicat ed
t han ot her uses of spreadsheet modelling. For t his reason, t his chapt er int roduces a series of
st andards and convent ions which have been specifically designed t o govern spreadsheet
modelling based t ime series analysis.
For t he purposes of t hese st andards and convent ions, a t i me ser i es model can be defined
as:
A workbook or group of linked workbooks t hat analyses number s over more t han one
period of t ime i. e. a t ime series model includes more t han one t ime series period and
as such requires t ime series assumpt ions and period labels.
Technically, a t ime series model only needs t o cont ain more t han one t ime period in order t o
analyse dat a over t ime. As such, t he worksheet s wit hin each t ime series model require
period labels and it is primarily t he inclusion of t hese period labels t hat different iat es a t ime
series model from all ot her t ypes of spreadsheet model.
Ti me Ser i es Wor k sheet s For ecast Sheet s
Consist ent wit h t he above definit ion of a t ime series model, a t i me ser i es model can be
defined as:
A worksheet t hat analyses dat a over more t han one period of t ime i. e. a t ime series
worksheet includes more t han one period and as such requires period labels.
Best pract ice t ime series analysis should be undert aken t hrough t he use of t ime series sheet s
- which were int roduced in Chapt er 1 General Concept s and discussed in det ail in Chapt er 3
Sheet St ruct ure. The t ime series sheet t ype is designed t o facilit at e any form of t ime series
analysis i. e. hist orical and/ or forecast over any periodicit y.
The following example ( drawn from 3. 7 Sample Sheet Layout s) shows t he print preview of a
sample t ime series out put sheet :
Ti me Ser i es Out put Sheet Ex ampl e
Company 1 - Revenue Pr oj ect ions
M odel Name

Reven ue St r eam1
Reven ue St r eam2
Reven ue St r eam3
Reven ue St r eam4
Reven ue St r eam5
Reven ue St r eam6
Reven ue St r eam7
Reven ue St r eam8
Reven ue St r eam9
Reven ue St r eam10
Reven ue St r eam1
Reven ue St r eam2
Reven ue St r eam3
Reven ue St r eam4
Reven ue St r eam5
Reven ue St r eam6
Reven ue St r eam7
Reven ue St r eam8
Reven ue St r eam9
Reven ue St r eam10
Fi le N a me . x ls
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 1 0
Home / Cont ent s
P a g e 1 o f 1
2 0 1 0 2 0 1 6 2 0 2 2 2 0 2 3 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 1 4 2 0 1 2 2 0 1 3 2 0 1 5
2 7 1 . 4 2 7 8 . 2 2 8 5 . 2
18 . 8
2 6 . 9
17 . 5
2 5 . 0
7 . 5
5 2 . 5
10 . 0
4 0 . 7
3 7 . 5
16 . 3
19 . 5 19 . 0
2 7 . 1
8 . 1
2 0 1 1
15 . 0
3 7 . 5
2 5 0 . 0 2 6 8 . 8
16 . 1
4 0 . 3
18 . 8
3 2 . 3
17 . 5
3 0 . 0
8 . 1
5 6 . 4
10 . 8
4 0 . 3
3 2 . 6
2 7 . 8
8 . 3
5 8 . 4
11. 1
4 1. 7
5 7 . 0
10 . 9
4 0 . 7
19 . 0
8 . 6
5 9 . 9
11. 4
4 2 . 8
19 . 5
3 3 . 4
16 . 7
4 1. 7
17 . 1
4 2 . 8
2 0 . 5
2 9 . 2
8 . 8
6 1. 4
11. 7
4 3 . 8
2 0 . 0
2 8 . 5
12 . 0
4 4 . 9
2 0 . 0
3 4 . 2
2 0 . 5
3 5 . 1
2 1. 0
3 0 . 0
9 . 0
6 2 . 9
17 . 5
4 3 . 8
9 . 2
6 4 . 5
12 . 3
4 6 . 1
2 1. 0
3 6 . 0
18 . 0
4 4 . 9
18 . 4
4 6 . 1
2 2 . 0
3 1. 5
9 . 4
6 6 . 1
12 . 6
4 7 . 2
2 1. 5
3 0 . 7
12 . 9
4 8 . 4
2 1. 5
3 6 . 9
2 2 . 0
3 7 . 8
2 2 . 6
3 2 . 3
9 . 7
6 7 . 8
18 . 9
4 7 . 2
9 . 9
6 9 . 5
13 . 2
4 9 . 6
2 2 . 6
3 8 . 7
19 . 4
4 8 . 4
19 . 8
4 9 . 6
2 3 . 7
3 3 . 9
10 . 2
7 1. 2
13 . 6
5 0 . 8
2 3 . 2
3 3 . 1
2 4 . 3
3 4 . 7
10 . 4
7 3 . 0
14 . 2
5 3 . 4
2 3 . 7
4 0 . 7
13 . 9
5 2 . 1
2 4 . 9
4 2 . 7
2 4 . 9
3 5 . 6
10 . 7
7 4 . 8
3 2 2 . 7 3 3 0 . 7
2 4 . 3
4 1. 7
2 0 . 8
5 2 . 1
2 0 . 3
5 0 . 8
2 3 . 2
3 9 . 7
2 9 2 . 3 2 9 9 . 6 3 0 7 . 1 3 1 4 . 8
2 1. 4
5 3 . 4
3 3 9 . 0 3 4 7 . 5 3 5 6 . 1
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %

The cont ent of t he t ime series sheet in t his example clearly falls wit hin t he definit ion of t ime
series analysis i. e. it analyses revenue by cat egor y on an annual basis for 14 years
commencing in 2010.
I n t his example, not e t he t ime series period labels across t he t op sect ion of t he worksheet
clearly communicat ing t o model users and ot her model developer s t he annual nat ure of t he
worksheet t ime periods and t hat each period is a year ending on 31
st
December.
10.2. Ti me Ser i es Assumpt i ons
I n order t o ensure t he consist ency of all t ime series period labels wit hin a t ime series
workbook, t he t ime series period labels in every t ime series sheet wit hin t he workbook need
t o be based on t he same t ime series assumpt ions. These assumpt ions will provide all t he
relevant informat ion required t o form t he foundat ion for t he t ime series analysis undert aken
by t he t ime series model, including:
a) The st art dat e of t he model;
b) The t erm of t he model; and
c) The model periodicit y.
Depending on t he complexit y of t he t ime series model, it may not be necessary t o provide a
model periodicit y assumpt ion, but t his informat ion is always of primary import ance t o model
users and ot her model developers when t hey first come in cont act wit h a spreadsheet model
and should t herefore be clearly communicat ed nonet heless.
I n a t ime series model, t hese basic assumpt ions are referred t o as t ime series assumpt ions
because t hey are referenced eit her direct ly or indirect ly by almost every formula in t he
spreadsheet model.
BPMS 10- 1 Ti me Ser i es Assumpt i ons
Every workbook t hat undert akes t ime series analysis should clear ly st at e,
for each dist inct t ime series:
a) t he t ime ser ies st art dat e; and
b) t he t ime ser ies periodicit y.
The following example shows how t hese t ime series assumpt ions could be present ed on a
blank assumpt ion sheet . The example also demonst rat es how a limit ed use of out put
calculat ions on t he assumpt ion sheet can provide assumpt ion ent ry guidance t o model users
and ot her model developer s:
Ti me Ser i es Assumpt i ons Ex ampl e

Not e t he applicat ion of best pract ice assumpt ion ent ry int erface principles in t he
const ruct ion, present at ion and layout of t his t ime series assumpt ion ent ry int erface in
accordance wit h BPMC 5- 3 Cont rolling Assumpt ion Ent ry I nt erfaces. These pr inciples include:
The use of dr op down boxes t o collect all limit ed scope finit e assumpt ions; and
The use of dat a validat ion wit hin t he model st art dat e assumpt ion t o prevent invalid
ent ries.
This t ype of cent ralised t ime series assumpt ion ent ry int erface should be included and
labelled as a dedicat ed set of t ime series assumpt ions in every best pract ice t ime series
model.
Ti me Ser i es Const ant s
I n every t ime series model, a large proport ion of t he formulae in t he workbook will need t o
reference t he same gener al const ant s relat ing t o t ime, unit measurement s, denominat ions,
et c. Examples of t hese general const ant s include t he number of minut es in an hour, t he
number of hours in a day, t he names of mont hs in a year, et c. They can also include
conversion fact ors such as powers of t en, et c. All such const ant s are universal and never
change.
As a result of t he common need t o have t hese assumpt ions available in every t ime series
model, it is recommended t hat as a general rule a summary of t hese assumpt ions be
included in every t ime series model.
BPMC 10- 1 Ti me Ser i es Const ant s
I t is recommended t hat every workbook t hat under t akes t ime series
analysis cont ains t ime const ant s ( e. g. mont hs in year, days in week, weeks
in year ) .
Not e t hat t he model developer will never need t o decide whet her or not t o classify t hese
ent ries as assumpt ions or non- assumpt ions i. e. all of t hese ent ries will be known and
t herefore fixed ( i. e. an hour will always have 60 minut es and a day will always have 24
hours) . Hence, t he model developer might t herefore prefer t o include t hese ent ries as lookup
dat a on a lookup sheet . See 3. 7 Sample Sheet Layout s for an example of a lookup sheet .
The following example ( drawn from 3. 7 Sample Sheet Layout s) shows t he print preview of a
sample lookup sheet t hat has been populat ed wit h lookup t ables cont aining general t ime
series dat a for use t hroughout t he underlying model:
Ti me Ser i es Look up Sheet Ex ampl e
Time Ser ies Lookup Tables
M odel Name

Ti me Ser i es Lookup Tabl es
M o n t h N a me s N a me s
LU_Mt h_Names
D e n o mi n a t i on N a me s
LU_Den om
Bi l l i on s
Mi l l i on s
Thousan ds
Cur r en cy
P e r i o d i c i t y N a me s
LU_Per i odi ci t y
An n ual
Semi _An n ual
Qt r l y
Mt hl y
Y e s / N o N a me s
LU_Yes_No
Yes
No
Fi le N a me . x ls
Look up_ S he e t _ LU
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 0 3
Home / Cont ent s
$
M on t h N a me s
Jan uar y
Febr uar y
Mar ch
Apr i l
May
Jun e
July
Oct ober
November
December
M ode l P e r iod T y pe
An n ual
Semi- An n ual
Y e s / N o
Yes
August
Sept ember
No
Quar t er ly
Mon t hl y
$ Bi l l ion s
$ Mi l l ion s
$ '0 0 0
P a g e 1 o f 1
D e n omin a t i on

I f a model developer decides t o use a lookup sheet in t his way, t his sheet could be re- used in
every t ime series model t hat t he model developer builds t o reduce model development t ime.
10.3. Per i odi ci t y Label s
As ment ioned at t he st art of t his chapt er, it is t he inclusion of periodicit y labels in a
spreadsheet model t hat different iat es it as a t ime series model. The period labels t hat are
included wit hin a t ime series model should provide t he model developer wit h all t he
informat ion about each part icular t ime period t hat might be required by t he calculat ions
wit hin t he worksheet below. This informat ion might include:
a) The period st art dat e;
b) The period end dat e;
c) The period number ( count er) ;
d) Days wit hin t he period;
e) Days wit hin t he relat ed financial year; or
f) Mont hs wit hin t he period.
The level of det ailed informat ion included wit hin t he period labels of a t ime series model will
differ depending on t he required complexit y of t he model calculat ions. However, as st at ed in
BPMS 10- 2 below, at least t he first t hree pieces of informat ion list ed above should be
included wit hin t he period labels on every t ime series sheet :
BPMS 10- 2 Ti me Ser i es Per i od Label s
A t ime ser ies should always cont ain a consist ent set of per iodicit y labels
and count er s t hat are locat ed in t he same posit ion on ever y relevant
worksheet in t he workbook.
The per iodicit y labels and count er s t hat should appear in every t ime ser ies
sheet are:
a) Period st ar t dat e;
b) Period end dat e; and
c) Period number ( count er) .
The period number is simply a numeric represent at ion of t he number t hat t he period
represent s where t he first period in workbook is number 1. To ensure t hat t he workbook
calculat ions remain consist ent wit h t he t ime series assumpt ions ent ered int o t he spreadsheet
model ( see 10. 2 Time Series Assumpt ions above) , every formula in t he workbook involving
t ime- based calculat ions should reference t his informat ion in t he period labels. I n t his way,
t he periodicit y of t he model will be dynamic, in t hat it could be changed by simply changing
t he t ime series assumpt ions referred t o in BPMS 10- 1 Time Series Assumpt ions.
Once t he model developer has det ermined what informat ion t o include wit hin t he period
labels in a t ime series model, t hose period labels should t hen appear in a consist ent format
and locat ion on each and every t ime series sheet in t he spreadsheet model. As such t here
should rarely be a need for t he model developer t o creat e new period count ers or references
for t he purposes of creat ing calculat ions t hat refer t o periods.
I t is also import ant t hat bot h t he model developer and model users are always aware of what
each period represent s. The best way t o achieve t his is t o ensure t hat t he period end dat e for
each period wit hin t he workbook is always in view on every t ime series sheet .
BPMS 10- 3 Ti me Ser i es Per i od End Dat es
The per iod end dat e label for each period in a t ime series sheet should
always be in view on t he screen.
This is import ant for bot h t he screen viewing of t ime series models and t he analysis of
print ed out put informat ion from t ime series models. This is done as follows:
Screen viewing period t it les should be kept in view by freezing window panes below
t hem ( see 3. 4 Window Panes and Split s) ; and
Print ing period t it les should be kept in view by ensuring t hat t he period t it les rows
( or in some cases columns) are repeat ed wit h each new page wit hin each t ime series
sheet . This funct ionalit y is available in t he page set up proper t ies of each worksheet
and prevent s t he need t o repeat edly ent er period t it les as t he dept h of a worksheet
result s in it print ing more t han one page.
Alt hough t he periodicit y of each period wit hin a t ime series model should be ascert ainable by
viewing t he period label end dat es, t his is such an import ant piece of informat ion t hat it
should nonet heless be clearly labelled on each worksheet in t he workbook.
BPMS 10- 4 Ti me Ser i es Per i odi ci t y I dent i f i cat i on
The per iodicit y of each t ime series sheet should be clearly ident ified and
always in view on each t ime series sheet .
I n some cases, a model user may know t he period end year but may not know t he end dat e
of each annual period. For example, a model user working wit h a t ime series model wit h
annual periods might know t hat each period represent s one year but st ill may not know
whet her each year ends on 30
t h
June or 31
st
December.
As such, it is import ant t hat t he periodicit y and t he period end dat e are always clearly
communicat ed t o model users and ot her model developers. This will provide clarit y t o t he
model user as t o t he period of t ime t hat each period represent s, and will ensure t hat any
individual print ed sheet in t he workbook cont ains t he crit ical periodicit y informat ion.
BPMS 10- 5 Ti me Ser i es Number of Per i ods
A workbook t hat undert akes t ime series analysis should always include a
cell or cell range t hat indicat es t he number of periods in each dist inct t ime
series.
The number of periods in a t ime series model is import ant for many reasons. Aside from
dict at ing when calculat ions wit hin a workbook will cease, it also drives t he t iming of t he
inclusion of many common t ime series model feat ures, including valuat ion t erminal values,
cont ract st art and end periods or changes in st ruct ure, t o name a few.
The number of periods can also be import ant for many ot her formulae t hat can be included
in a t ime series model. I t is t herefore import ant for model users t hat t he number of periods
in a workbook be clearly labelled and locat ed wit hin t he workbook.
The following examples show t wo sample t ime series sheet s t hat are t he same in every way
except for periodicit y. The first example cont ains annual periods while t he second example
cont ains quart erly periods:
Ti me Ser i es Sheet Annual Per i ods
Company 1 - Revenue For ecast s ( Annual)
M odel Name

Y e a r E n din g D e c e mbe r
Reven ue St r eam1
Reven ue St r eam2
Reven ue St r eam3
Reven ue St r eam4
Reven ue St r eam5
Reven ue St r eam6
Reven ue St r eam7
Reven ue St r eam8
Reven ue St r eam9
Reven ue St r eam10
Reven ue St r eam1
Reven ue St r eam2
Reven ue St r eam3
Reven ue St r eam4
Reven ue St r eam5
Reven ue St r eam6
Reven ue St r eam7
Reven ue St r eam8
Reven ue St r eam9
Reven ue St r eam10
Fi le N a me . x ls
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 1 0
2 . 5 0 %
P a g e 1 o f 1
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
# # # #
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
5 2 . 1 4 8 . 4 4 9 . 6
# # # # # # # # # # # # # # # # # # # #
5 0 . 8
# # # # # # # # # # # #
4 6 . 1
# # # # # # # # # # # # # # # # # # # #
2 1. 4
3 7 . 5 4 0 . 3 4 0 . 7 4 1. 7 4 2 . 8 4 3 . 8 4 4 . 9 5 3 . 4 4 7 . 2
4 1. 7 3 8 . 7 3 9 . 7
2 0 . 3 2 0 . 8 18 . 9 19 . 4 19 . 8
4 0 . 7
17 . 1 17 . 5 18 . 0
3 6 . 9
18 . 4 15 . 0 16 . 1 16 . 3 16 . 7
2 4 . 9
3 0 . 0 3 2 . 3 3 2 . 6 3 3 . 4 3 4 . 2 3 5 . 1 3 6 . 0 4 2 . 7 3 7 . 8
5 2 . 1 4 8 . 4 4 9 . 6
2 3 . 7 2 4 . 3 2 2 . 0 2 2 . 6 2 3 . 2
5 0 . 8
2 0 . 0 2 0 . 5 2 1. 0
4 6 . 1
2 1. 5 17 . 5 18 . 8 19 . 0 19 . 5
14 . 2
3 7 . 5 4 0 . 3 4 0 . 7 4 1. 7 4 2 . 8 4 3 . 8 4 4 . 9 5 3 . 4 4 7 . 2
7 3 . 0 6 7 . 8 6 9 . 5
13 . 6 13 . 9 12 . 6 12 . 9 13 . 2
7 1. 2
11. 4 11. 7 12 . 0
6 4 . 5
12 . 3 10 . 0 10 . 8 10 . 9 11. 1
10 . 7
5 2 . 5 5 6 . 4 5 7 . 0 5 8 . 4 5 9 . 9 6 1. 4 6 2 . 9 7 4 . 8 6 6 . 1
9 . 9
3 3 . 9 3 4 . 7 3 2 . 3 3 3 . 1
10 . 2 10 . 4
3 1. 5
9 . 2 9 . 4 9 . 7 8 . 6 8 . 8 9 . 0
3 0 . 7
7 . 5 8 . 1 8 . 1 8 . 3
2 4 . 3 2 4 . 9
2 5 . 0 2 6 . 9 2 7 . 1 2 7 . 8 2 8 . 5 2 9 . 2 3 0 . 0 3 5 . 6
2 2 . 0 2 2 . 6 2 3 . 2
2 0 2 1 2 0 19 2 0 2 0
2 3 . 7 2 0 . 0 2 0 . 5 2 1. 0
2 0 17
2 1. 5 17 . 5 18 . 8 19 . 0 19 . 5
2 0 10 2 0 11 2 0 12 2 0 2 3 2 0 18 2 0 2 2 2 0 13 2 0 14 2 0 15 2 0 16

Ti me Ser i es Sheet Quar t er l y Per i ods
Company 1 - Revenue For ecast s ( Quar t er ly)
M odel Name

Qua r t e r E n din g
Qua r t e r
Reven ue St r eam1
Reven ue St r eam2
Reven ue St r eam3
Reven ue St r eam4
Reven ue St r eam5
Reven ue St r eam6
Reven ue St r eam7
Reven ue St r eam8
Reven ue St r eam9
Reven ue St r eam10
Reven ue St r eam1
Reven ue St r eam2
Reven ue St r eam3
Reven ue St r eam4
Reven ue St r eam5
Reven ue St r eam6
Reven ue St r eam7
Reven ue St r eam8
Reven ue St r eam9
Reven ue St r eam10
Fi le N a me . x ls
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 1 0
J un - 1 3
Q1 Q2 Q3
# # # # # J un - 1 2 S e p- 1 2 D e c - 1 2 M a r - 1 1
2 . 5 0 % 7 . 5 0 % 1. 0 0 %
2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
M a r - 1 0 J un - 1 0 S e p- 1 0
7 . 5 0 %
D e c - 1 0
2 . 5 0 % 2 . 5 0 %
J un - 1 1 S e p- 1 1 # # # # #
2 . 5 0 % 2 . 5 0 %
D e c - 1 1
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 %
P a g e 1 o f 1
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 %
2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
2 . 5 0 %
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 %
# # # #
7 . 5 0 % 1. 0 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 % 2 . 5 0 %
5 2 . 1 4 8 . 4 4 9 . 6
# # # # # # # #
5 0 . 8
2 . 5 0 %
# # # # # # # # # # # # # # # # # # # # # # # #
4 6 . 1
# # # # # # # # # # # # # # # # # # # #
2 1. 4
3 7 . 5 4 0 . 3 4 0 . 7 4 1. 7 4 2 . 8 4 3 . 8 4 4 . 9 5 3 . 4 4 7 . 2
4 1. 7 3 8 . 7 3 9 . 7
2 0 . 3 2 0 . 8 18 . 9 19 . 4 19 . 8
4 0 . 7
17 . 1 17 . 5 18 . 0
3 6 . 9
18 . 4 15 . 0 16 . 1 16 . 3 16 . 7
2 4 . 9
3 0 . 0 3 2 . 3 3 2 . 6 3 3 . 4 3 4 . 2 3 5 . 1 3 6 . 0 4 2 . 7 3 7 . 8
5 2 . 1 4 8 . 4 4 9 . 6
2 3 . 7 2 4 . 3 2 2 . 0 2 2 . 6 2 3 . 2
5 0 . 8
2 0 . 0 2 0 . 5 2 1. 0
4 6 . 1
2 1. 5 17 . 5 18 . 8 19 . 0 19 . 5
14 . 2
3 7 . 5 4 0 . 3 4 0 . 7 4 1. 7 4 2 . 8 4 3 . 8 4 4 . 9 5 3 . 4 4 7 . 2
13 . 2
7 1. 2 7 3 . 0 6 7 . 8 6 9 . 5
13 . 6 13 . 9
6 6 . 1
12 . 3 12 . 6 12 . 9 11. 4 11. 7 12 . 0
6 4 . 5
10 . 0 10 . 8 10 . 9 11. 1
10 . 4 10 . 7
5 2 . 5 5 6 . 4 5 7 . 0 5 8 . 4 5 9 . 9 6 1. 4 6 2 . 9 7 4 . 8
9 . 4 9 . 7 9 . 9
3 3 . 9 3 2 . 3 3 3 . 1
10 . 2 8 . 6 8 . 8 9 . 0
3 0 . 7
9 . 2
2 8 . 5 2 9 . 2 3 0 . 0
7 . 5 8 . 1 8 . 1 8 . 3
3 5 . 6 3 1. 5 3 4 . 7 2 5 . 0 2 6 . 9 2 7 . 1 2 7 . 8
2 3 . 2
Q1 Q2
2 3 . 7 2 4 . 3 2 4 . 9
Q3 Q4
2 0 . 0 2 0 . 5 2 1. 5 2 2 . 0 2 1. 0 17 . 5 18 . 8 19 . 0 19 . 5
Q4 Q1 Q2 Q3 Q4 Q1 Q2
2 2 . 6

Not e t hat t he above examples are exact ly t he same wit h t he except ion of t he ident ificat ion of
t he workbook periodicit y ( wit hin t he sheet t it le and left - most header of each set of period
labels) and t he period end dat es ( which clearly indicat e t he difference in periodicit y) .
10.4. Ti me Ser i es Sheet Consi st ency
I mplement ing format s, st yles and worksheet st ruct ures consist ent ly wit hin every worksheet
is a crit ical part of creat ing best pr act ice t ime series models. Using a consist ent ly st ruct ured
approach t o developing t ime series models can remove many of t he issues t hat bot h model
developers and model users face in working wit h spreadsheet models. Moreover, t he ongoing
applicat ion of a consist ent ly st ruct ured approach will allow model users t o develop a
familiarit y wit h t he st ruct ures ut ilised in t he model developers t ime series models and
great ly reduce t he amount of t ime required t o underst and and use t ime series models.
When model users work wit h t ime series models t hey generally need t o view several
worksheet s t hat cont ain different t ypes of informat ion analysed over t he modelled t ime
periods. I t is import ant for t he model user t hat t he periods t hat are cont ained wit hin each
worksheet are consist ent ly st ruct ured such t hat t he first period is always in t he same column
on each t ime series sheet . Conversely, if t he period labels go down a column, t he first period
should always st art in t he same row.
BPMC 10- 4 Ti me Ser i es Dat a Di r ect i on
I t is recommended, where pract ical, t hat periodicit y labels be posit ioned
across rows, not down columns.
More import ant ly, each worksheet should cont ain t he same number of periods. By having a
consist ent number of periods st art ing in a consist ent column ( or row) on each t ime series
sheet , it will be significant ly easier for model users t o developer an underst anding of t he
spreadsheet model.
BPMS 10- 6 Ti me Ser i es Sheet Consi st ency
Time series sheet s for each dist inct t ime series wit hin a workbook should
always:
a) Cont ain t he same number of periods; and
b) Have t he first period st art ing in t he same column ( or mor e rarely, row) .
I f different t ime series sheet s cont ain different numbers of periods, it is oft en difficult for
model users t o recognise t hat t his is t he case, because t he final periods may not be in view
on t he screen at all t imes. For more informat ion on and examples of t he st ruct uring of t ime
series sheet s, see Chapt er 3, Sheet St ruct ure.
10.5. Mul t i pl e Per i odi ci t i es
A t ime series model is not rest rict ed t o a collect ing or present ing assumpt ions, calculat ions
and out put s based on a single periodicit y ( annual, semi- annual, quart erly, mont hly, et c) .
Rat her, in many cases it may incorporat e several set s of t hese component s based on a
number of periodicit ies.
While t his approach is funct ional, it requires model users and model developers t o manage
model component s across mult iple periodicit ies, t hereby increasing complexit y and t he
pot ent ial for confusion.
I t is t herefore st rongly recommended t hat if a t ime series model requires assumpt ions,
calculat ions or out put s for more t han one periodicit y, t he different periodicit ies be present ed
on separat e, clearly labelled t ime series sheet s. Mor eover, t hese t ime series sheet s should be
separat ed int o different sect ions or sub- sect ions wit hin t he workbook cont aining t ime series
sheet s wit h t he same periodicit y. These recommendat ions are specified below in BPMC 10- 2
and BPMC 10- 3:
BPMC 10- 2 No Mi x i ng of Per i odi ci t i es
I t is recommended t hat , wher e pract ical, a t ime series sheet never cont ains
assumpt ions or out put s for more t han one periodicit y.

BPMC 10- 3 Mul t i pl e Per i odi ci t i es i n One Wor k book
I t is recommended t hat no sect ion in a t ime series workbook cont ains mor e
t han one per iodicit y.

Spr eadsheet Model l i ng Ar ea 11 Check s
Chapt er 11.
Checks
11.1. Over vi ew
Every spreadsheet model incorporat es element s which are crit ical t o t he proper operat ion of
t he model. The nat ure of t hese element s varies bet ween individual models, but will generally
t ake t he form of assumpt ions, out put s and t he calculat ions t hat relat e t hem. Alert ing t he
model user t o t he st at us or st at e of t hese element s is fundament al t o ensuring t hat t he
model accurat ely and efficient ly meet s it s purpose and obj ect ives. This requirement is best
sat isfied by use of checks in a workbook.
The primary obj ect ive when incorporat ing model checks is t o det ect and alert model users t o
t he st at e of part icular out put s or t he occurrence of part icular event s. This funct ion confers an
almost limit less scope for t heir applicat ion in spreadsheet models, and as t he purposes of
models vary great ly t he nat ure of individual checks will also vary great ly bet ween models.
The model developer should seek t o cust omise specific checks according t o t he purpose,
cont ent and funct ion of any part icular model. I t is nonet heless possible t o cat egorise any
check used in any workbook according t o one of t he t hree following check t ypes;
Check Ty pe Descr i pt i on
Error Checks Test s included in a spr eadsheet model t o det ect and indicat e t he exist ence
of errors.
Sensit ivit y
Checks
Test s included in a spr eadsheet model t o det ect and indicat e t he exist ence
of act ive sensit ivit y assumpt ions.
Aler t Checks Test s included in a spreadsheet model t o det ect and indicat e t he occurrence
of designat ed event s, t hat t he model developer int ends t o not ify t he model
user of, excluding error checks and sensit ivit y checks.
Accordingly, t he st andards and convent ions require t hat all checks in a model be classified
wit hin one of t he t hree cat egories out lined above:
BPMS 11- 1 Check s Cl assi f i cat i on
All checks in a workbook should be classified as being one of t he following
check t ypes:
a) Error check;
b) Sensit ivit y check; or
c) Alert check.
These check t ypes share common principles and modes of operat ion. However, each has a
dist inct and import ant funct ion wit hin a spreadsheet model. The st andards and convent ions
in t his chapt er provide guidance as t o t he proper applicat ion of checks t o ensure t hat t he
effect iveness and user- friendliness of checks are opt imised.
11.2. Er r or Check s
Errors in spreadsheet models, generally represent ed as incorrect out put s, indicat e flaws in
t he design or funct ion of a model. Typically, model users and developers consider only t hose
errors which occur in t he underlying modelling logic or worksheet formulae - t he engine of a
model. However, errors also frequent ly arise in ot her less obvious component s of a
workbook, such as workbook names, condit ional format s, cont rols and ext ernal workbook
references.
All errors, irrespect ive of t heir source, compromise t he int egrit y of a workbook - any single
error may have pot ent ially crit ical implicat ions for t he validit y of a models out put s.
Therefore, performing a check for errors wit hin a spreadsheet model is fundament al t o
mit igat ing risks associat ed wit h errors, and maximising user confidence in a spreadsheet
model as a t ool for analyt ical and decision- making processes.
Error checks aut omat e t he processes t hat model developers and users oft en perform
manually t o t est t he int egrit y of a spreadsheet model. I n fact , t here are very few manual
checks t hat cannot be aut omat ed by incorporat ing error checks int o a model. The benefit of
aut omat ing t he checking process is t hat it int roduces a level of consist ency and t ransparency
t hat may not be achieved when relying upon manual checks. This in t urn reduces t he risk of
errors and t he likelihood of confusion on t he part of model users.
BPMS 11- 2 Er r or Check s
Every workbook should cont ain appropriat e error checks t o assist in
ident ifying errors in t he workbook.
The primary purpose of er ror checks is t o locat e errors in modelling logic or worksheet
formulae. Worksheet formulae can cont ain t wo t ypes of errors:
Val ue er r or s: exist when t he act ual value of a cell is erroneous e. g. # N/ A,
# VALUE! , # REF! , # DI V/ 0! , # NUM! , # NAME?, or # NULL! ; and
Cal cul at i on er r or s: result from calculat ions not correct ly represent ing t he
relat ionships t hat t he model developer int ended t o represent e. g. t he product of t ot al
employees and average salary cost does not equat e t o t he calculat ed t ot al salary
expense.
These error t ypes are closely relat ed ie. value errors are t ypically generat ed when formulae
and calculat ions are erroneous or misst at ed. Problems wit h value errors are in t urn
compounded wit hin a workbook when ot her funct ions or calculat ions reference t hat error, as
t hey will ret urn furt her value errors as a consequence. Consequent ly, calculat ion out put s
may not correct ly represent mat hemat ical relat ionships defined by t he model developer.
These cascades of errors can only be quarant ined using t he funct ions of a spreadsheet
applicat ion which have been designed specifically t o capt ure t hem ( for example, Microsoft
Excel
cont ains t he I SERROR funct ion which ret urns TRUE if a value error is det ect ed) .
The most efficient means of checking for errors is t o combine t he t est s for value and
calculat ion errors int o a single equat ion. This can be achieved by creat ing a formula which
includes t wo nest ed I F funct ions ( nest ed meaning t hat one I F funct ion is embedded as an
argument wit hin t he ot her I F funct ion) . As t he diagram below demonst rat es, t he first I F
st at ement checks for value errors, while t he second ( nest ed, or embedded) I F funct ion
checks for calculat ion errors:
Er r or Check i ng Er r or Check For mul a Ex ampl e
Fl a g Va l u e Ou t co m e 1 Ou t co m e 2
No 0
1
Yes 1
No Calculat ion Er r or ?
Ch e ck 1 Ch e ck 2
Va l u e Er r o r ?
Yes

I n t his example, t he t est s for each error t ype have been deliberat ely ordered so as t o
priorit ise t he t est for value errors. This allows an error t rapping funct ion, such as t he
I SERROR funct ion, t o be used t o quarant ine any value errors and t herefore pr event t he err or
check formula it self ret urning a value error. Hence, a formula t hat simult aneously t est s for
value and calculat ion errors would look somet hing like t he following;
= I F( value_error_check, 1, I F( calculat ion_error_check, 1, 0) )
An example of t he pract ical insert ion of an error check is provided below in t his case
checking for error values and imbalances wit hin a balance sheet . The error check is shown
before and aft er an error is det ect ed in t he balance sheet :
Er r or Check No Er r or

Er r or Check Er r or Det ect ed

Not e t hat in t his example, error values and t he balance sheet check ( i. e. t he calculat ion error
check) have been split over t wo separ at e rows t o simplify t he calculat ion logic wit hin t hese
rows and also t o make it clear whet her t he ult imat e error being det ect ed is a value error or a
calculat ion error. Not e also t hat alt hough t his error check is checking for errors in mult iple
periods over mult iple rows, only one error check cell is recording t he out come of all t hese
checks ( t he cell I 84) .
Unfort unat ely, errors can exist wit hin a workbook such t hat t hey are not immediat ely evident
t o model users or developers. For example, errors in ext ernal workbook links and condit ional
format condit ions are not det ect able using worksheet formulae and can only be locat ed by
undert aking a t horough manual or programmat ic search of a workbook. To det ect errors in
t hese component s, t he model developer should t horoughly audit every cell, name and
condit ional format formula prior t o dist ribut ing a model t o users or developers.
11.3. Er r or Check Summar i es
Error checks do not represent part of a workbooks primary out put . Rat her, t hey are used t o
evaluat e t he correct ness of a workbooks logic and/ or calculat ions, and t o make users aware
of erroneous out put s. The result s of all error checks wit hin a model should be present ed on a
single, dedicat ed error checks summar y t o provide a cent ralised summary which is easily
referenced by model users.
BPMS 11- 5 Er r or Check s Summar y
The out come of every error check in a workbook should be displayed in a
dedicat ed and separat e error checks summary.
Below is an example of an error checks summary wit h several error check areas, t wo of
which have been t riggered ( t he Asset s Out put Summary and Balance Sheet error checks) :
Er r or Check s Summar y - Ex ampl e

This example illust rat es how an error checks summary can be used t o summarise t he
out come of every error check in a workbook. This summary incorporat es a link t o each error
check area wit hin t he workbook, wit h t he Tot al Errors ( represent ing t he number of errors
det ect ed in t he workbook) being used t o creat e an error message ( in cell I 14) which has
t hen been referenced by t he model name on t he workbook cover sheet . Because each sheet
references t he model name ( in t his example via t he formula in cell B2) , every sheet in t he
workbook will indicat e t he exist ence of t he t wo det ect ed errors.
I t is recommended t hat t he out come of all checks of each check t ype be
summar ised int o a single check cell for each check t ype cont ained wit hin a
workbook.
Not e also t he condit ional format t ing has been used t o clearly highlight t he det ect ion of errors
wit hin check flag cells and t heir relat ed heading cells by applying check red font color and
bold font st yle.
BPMC 11- 2 Check Cel l Condi t i onal For mat t i ng
I t is recommended t hat every check cell in a workbook be consist ent ly
format t ed such t hat , when t r iggered, t hey appear format t ed as follows:
a) Bold font ; and
b) Red font colour .
Not e from t he above example t hat t he use of area- specific error checks great ly assist s in t he
locat ing of errors wit hin a model in addit ion t o t heir det ect ion. I n t his example, t he Balance
Sheet check has been flagged, indicat ing t hat t he balance sheet in t he model may be dis-
balanced. However, t he error checks summary also indicat es t hat t he Asset s Out put
Summary error check has been flagged, which t hereby provides evidence of t he balance
sheet check most probably being flagged as a result of an error wit hin t he asset s area of t he
workbook. This level of sophist icat ion in error checks syst ems is only possible when error
checks are added t hroughout a spreadsheet model during t he development process in order
t o capt ure lower- level errors such as t hat in t his example.
Hence, error checks should be added t o workbooks as each sect ion of t he workbook is
const ruct ed, not ret rospect ively or as part of t he model finalisat ion process. There are t wo
reasons for t his. First ly, det ailed and robust checks should t ake int o account t he part icular
issues and vulnerabilit ies of each set of formulae, t he det ails of which can oft en be forgot t en
by t he t ime development of t he model is complet ed. Secondly, by including error checks
wit hin a model as it is const ruct ed, t he model developer can ensure t hat t he ongoing
development of a workbook does not compromise t he int egrit y of t he exist ing component s of
t he workbook.
I t is import ant t hat checks of different t ypes are cent ralised in a workbook.
BPMS 11- 10 Dedi cat ed Check s Summar i es
A workbook should not cont ain more t han one of each of t he following t ypes
of check summaries:
a) Error checks summary;
b) Sensit ivit y checks summary; and/ or
c) Alert checks summary.
11.4. Sensi t i vi t y Check s
Sensit ivit y checks are used in spreadsheet models t o det ect t he presence of operat ive
sensit ivit y assumpt ions. Sensit ivit y assumpt ions are t he basis by which model users can
analyse t he sensit ivit y of t he out put s of spreadsheet model t o changes in it s base
assumpt ions. This funct ionalit y can be of great value t o model users as it allows t hem t o
underst and t he sensit ivit y of model out put s t o changes in base assumpt ions. For a more
informat ion on sensit ivit y analysis, see Chapt er 6 Sensit ivit y Analysis.
Sensit ivit y checks are employed t o minimise t hese risks, as t hey enable model users t o
quickly det ermine which sensit ivit y assumpt ions are act ive in a model, and ident ify t he
drivers of different ials bet ween base and running cases.
BPMS 11- 3 Sensi t i v i t y Check s
Every workbook t hat cont ains one or more sensit ivit y assumpt ions should
cont ain sensit ivit y checks t o ident ify when t here is an oper at ive sensit ivit y
assumpt ion.
I n comparison wit h error checking ( part icularly checks for calculat ion errors) , checking for
sensit ivit ies is a st raight - forward procedure. Put simply, it involves act ivat ing a check once a
sensit ivit y assumpt ion is operat ive wit hin a model.
A simple sensit ivit y check formula may be somet hing like t he following:
= I F( act ive_sensit ivit y_assumpt ion_value< > 0, 1, 0)
Not e t hat t his check should also incorporat e a funct ion t o quarant ine error values and
prevent t he sensit ivit y check ret urning an error in t he event t hat an invalid sensit ivit y
assumpt ion is insert ed by a model user. Sect ion 11. 2 Error Checks cont ains informat ion
about using spreadsheet funct ions t o mit igat e problems in spreadsheet s caused by error
values.
BPMC 11- 3 Check Cal cul at i on Locat i on
I t is recommended t hat t he calculat ions for checks be locat ed on t he sheet
t o which t he check is r elevant and not on t he associat ed check sheet .
A sensit ivit y check should be applied t o every sensit ivit y assumpt ion in a workbook, and
each sensit ivit y check should be locat ed on t he same worksheet as t he sensit ivit y
assumpt ion t o which it refers. As a workbook may cont ain a number of sensit ivit y
assumpt ion ent ry int erfaces locat ed on several sensit ivit y assumpt ion sheet s, it is import ant
t hat a model incorporat e a cent ralised summary of all sensit ivit y checks t hat it cont ains. This
is discussed furt her in below in 11. 5 Sensit ivit y Checks .
11.5. Sensi t i v i t y Check s Summar i es
Sensit ivit y checks are used t o alert models users t o t he fact t hat sensit ivit y assumpt ions
wit hin t he model are impact ing model out put s. As a workbook may cont ain a large number of
sensit ivit y assumpt ions, t he best means of communicat ing t he st at us of all sensit ivit y checks
in a workbook is using a cent ralised worksheet which summarises t he st at us of each check.
BPMS 11- 6 Sensi t i v i t y Check s Summar y
The out come of every sensit ivit y check in a workbook should be displayed
in a dedicat ed and separat e sensit ivit y checks summary.
The const ruct ion of sensit ivit y checks summaries is governed by t he same principles as t hose
recommended for t he const ruct ion of error checks summaries ( see 11. 3 Error Check
Summaries) . The sensit ivit y checks summary should cont ain simple flags for each sensit ivit y
assumpt ion or group of sensit ivit y assumpt ions in a workbook, and provide visual ident ifiers
t o model users when a sensit ivit y assumpt ion is operat ive.
The following illust rat ion provides an example of a sensit ivit y checks summary. This
worksheet incorporat es a link t o each sensit ivit y check area wit hin t he workbook, and t he
Tot al Sensit ivit ies ( represent ing t he number of oper at ive sensit ivit y assumpt ion areas
det ect ed in t he workbook) being used t o creat e an error message ( in cell I 48) which has
t hen been referenced by t he model name on t he workbook cover sheet . Because each sheet
references t he model name ( in t his example via t he formula in cell B2) , every sheet in t he
workbook will indicat e t he exist ence of t he det ect ed operat ive sensit ivit y assumpt ions.
Sensi t i v i t y Check s Summar y - Ex ampl e

Not e t hat t he sensit ivit y checks summary enables very specific informat ion about sensit ivit y
st at us t o be communicat ed t hroughout t he model e. g. it is possible t o reference t he t it le of
operat ive sensit ivit y assumpt ions and link t his informat ion t o t he model name. I n t his case,
t he Unit Prices Sensit ivit y Assumpt ions assumpt ion ent ry int erface is reference via a
hyperlink on t he sensit ivit y checks summary, and t his t it le is also capt ured by t he Sensit ivit y
Message which is t hen fed back int o t he model name cell on t he workbook cover sheet . This
approach ensures t hat model users will always be aware of t he det ect ion of operat ive
sensit ivit y assumpt ions as well as t heir locat ion wit hin t he surrounding workbook.
11.6. Al er t Check s
This chapt er has discussed t he import ance of including error and sensit ivit y checks in
spreadsheet models t o alert users t o event s considered fundament al t o t he operat ion of
models. I t is possible, however, t hat model users may regard ot her specific event s or
modelling out comes not represent ing errors or sensit ivit ies as equally crit ical element s of a
models out put s would t herefore also expect t o be alert ed t o t heir exist ence. The role of
det ect ing and alert ing users of t hese residual event s should be performed by alert checks.
BPMS 11- 4 Al er t Check s
Every workbook t hat requires checks t hat ar e not classified as error checks
or sensit ivit y checks should cont ain alert checks t o ident ify when such a
check has been t riggered.
Alert checks will generally be cust omised t o mat ch t he specific circumst ances of individual
models on a case- by- case basis. For example, alert checks may be included t o check for t he
following out comes;
Out put s falling out side t he bounds of designat ed t ar get ranges ( e. g. int erest
coverage rat ios breaching t he minimum requirement s of debt providers) ; or
Negat ive revenues or posit ive expenses; or
Negat ive balance sheet it ems ( e. g. cash at bank) .
I n some circumst ances it may be difficult for t he model developer t o det ermine whet her a
part icular check should be classified as an alert check or an error check. I n t his sit uat ion, t he
model developer should be guided by t he expect at ions of model users if t he model users
were t o consider t he occur rence of a designat ed event as an error, t hen t he check should be
classified as an error check, ot herwise it should by default be classified as an alert check.
11.7. Al er t Check Summar i es
Consist ent wit h t he principles governing t he use of error and sensit ivit y checks, t he
st andards and convent ions require t hat all alert checks in a workbook be present ed on a
single alert checks summary. This worksheet should visually ident ify t he result s of every
alert check or group of alert checks in t he workbook in order t o provide a cent ralised
reference for communicat ing t he t ot al alert check result s t o model users.
BPMS 11- 7 Al er t Check s Summar y
The out come of every aler t check in a workbook should be displayed in a
dedicat ed and separat e alert checks summary.
The st ruct ure of t he alert checks summary should be st andardised wit h t he error and
sensit ivit y checks summaries. As t he example below illust rat es, t he alert check summary
should include a flag for each alert ( or group of alert s) . Addit ionally, t he t ot al alert checks
result should be linked t o t he model name cell on t he workbook cover sheet t o ensure t hat
t he t ot al alert checks result is immediat ely viewable on every worksheet wit hin t he
workbook.
Al er t Check s Summar y - Ex ampl e

11.8. Check I dent i f i er s
The most simple and effect ive met hod of creat ing checks is t o use a checks flagging syst em
which ident ifies checks as t hey are act ivat ed and alert s t he user immediat ely. Alt hough any
binary syst em can be used as flags, using t he numbers 1 and 0 t o represent flagged and not
flagged respect ively means t hat t he check flags can be summed and used t o provide more
det ailed report ing informat ion such as t he t ot al number of checks det ect ed.
BPMS 11- 8 Check I ndi cat or Fl ag
A message or indicat or t hat clearly not if ies t he model developer or user
t hat a check has been t r igger ed in a workbook should always be in view on
every worksheet in a workbook.
These check flags should be creat ed t hrough t he use of simple I F funct ions as follows:
Check I ndi cat or Fl ags For mul a Logi c
Ch e ck
No
Ou t co m e Fl a g Va l u e
Yes
Er r o r De t e ct e d ?
1
0

Furt her, t he out come of mult iple checks can be summarised t o a t ot al out come.
I t is recommended t hat t he out come of all checks of each check t ype be
summar ised int o a single check cell for each check t ype cont ained wit hin a
workbook.
The t ot al of t he flag values on t he relevant checks sheet can t hen be used as t he basis for a
check message which should appear on every worksheet in a model ( t his is discussed
below) .
11.9. Repor t i ng t he St at us of Check s
The inclusion of ext ensive error, sensit ivit y and alert checking in a spreadsheet model must
be coupled wit h t he adopt ion of effect ive means for indicat ing t he st at us of checks. Det ect ing
act ive checks will serve no purpose if model users are not made aware of t he change in
st at us of t he checks immediat ely upon t aking t he act ion which gave rise t o t he det ect ed
out come. This is part icularly relevant for error checks, as model users or developers will
oft en experience difficult ies ret racing t heir st eps t o det ermine t he cause of errors when t he
det ect ion of errors is not immediat ely communicat ed t o t hem.
There are t wo main obj ect ives in delivering immediat e awareness for t riggered error,
sensit ivit y and alert checks:
a) To ensure t hat model users are immediat ely made aware of a t rigger ed error or act ive
sensit ivit y assumpt ion; and
b) To guide model users t o t he source of t he det ect ed error, sensit ivit y or alert .
The first of t hese obj ect ives is easier t o achieve as it primarily involves t he disciplined and
consist ent placement of indicat ors t hroughout t he model. Achieving t he second obj ect ive
involves more init iat ive on behalf of t he model developer and must generally be done on a
case by case basis.
I mmedi at e Aw ar eness
To ensure t hat model users are immediat ely made aware of det ect ed errors, operat ive
sensit ivit y assumpt ions or act ive alert s, model users should not be able t o use a spreadsheet
model wit hout a check message in view at all t imes. The best way t o ensure t hat t his is t he
case is by linking t he error, sensit ivit y and alert checks t o a common cell on every
worksheet . This cell should be posit ioned above t he window split s t hat have been used t o
ensure t hat t he sheet t it le and t able of cont ent s hyperlink are always in view ( see 3. 4
Window Panes and Split s) .
I f t he sheet layout principles in t hese st andards and convent ions are followed ( see BPMC 9- 1
Workbook Name Display) , t he model name cell on t he workbook cover sheet should be used
as t he link cell t o t he error and sensit ivit y checks.
BPMC 11- 1 Li nk i ng Check s t o Model Name Ent r y Cel l
I t is recommended, where relevant , t hat t he out come of t he check t ype
summary cell r eferred t o in BPMC 11- 4 be linked t o t he model name ent r y
cell on t he wor kbook cover sheet .
Because ever y worksheet in t he model should cont ain a link t o t his cell above it s window
pane, t here should never be an inst ance when an event t hat t riggers a check is not
communicat ed t o t he user immediat ely. To link t he model name cell t o t he error and
sensit ivit y check worksheet s, t he following mixed cell formula could be insert ed in t he model
name cell on t he workbook cover sheet :
= [ Model Name] &I F( err or_flag_count < > 0, ( Errors Det ect ed) , )
&I F( sensit ivit y_flag_count < > 0, ( Sensit ivit ies Running) , ) &
I F( alert _flag_count < > 0, ( Alert s Det ect ed) , )
The following t able shows t he result s of t his formula in t he model name cell when various
combinat ions of errors, sensit ivit ies and alert s det ect ed:
Scenar i o / Check s Det ect ed: Model Name Cel l For mul a Resul t :
No errors, no sensit ivit y, no alert s [ Model Name]
Errors, no sensit ivit ies, no alert s [ Model Name] ( Errors Det ect ed)
Sensit ivit ies, no errors, no alert s [ Model Name] ( Sensit ivit ies Running)
Aler t s, no errors, no sensit ivit ies [ Model Name] ( Alert s Det ect ed)
Errors, sensit ivit ies, alert s [ Model Name] ( Errors Det ect ed) ( Sensit ivit ies
Running) ( Aler t s Det ect ed)
The result of t he formula in t he model name cell will be displayed by every cell which is
linked t o t he model name cell and posit ioned at t he t op of every worksheet in t he model.
This ensures immediat e awareness on t he part of model users ( and ot her model developers)
regarding t he st at us of all checks in t he workbook. See BPMC 9- 1 Workbook Name Display,
for discussion surrounding t he linking of t he model name t o each worksheet in a workbook.
The following examples show how t he model name cell on a blank out put sheet would reflect
some of t hese scenarios:
No Check s Det ect ed

Er r or s Det ect ed

Sensi t i vi t i es Det ect ed

Er r or s and Sensi t i vi t i es Det ect ed

Not e t he use of t he window pane frozen around t he cell B5 ( see 3. 4 Window Panes and
Split s) t o ensure t hat when model users scroll down t he worksheet on screen, t he model
name reference cell ( in t his case in cell B2) always remains in view. This also ensures t hat
t he main sheet hyperlinks ( including hyperlinks t o each of t he check summaries) remain in
view at all t imes on each worksheet .
The model reference cell in t his example would not cont ain t he mixed cell formula previously
ment ioned, but rat her a direct link t o t he model cell on t he workbook cover sheet ( which
would cont ain t he mixed cell formula) . This prevent s t he need t o ent er t he mixed cell
formula int o every sheet and ensures consist ency bet ween all worksheet s. I t also explains
t he use of formula ( black) font colour in t he model name reference cell as opposed t o t he
mixed ( green) font colour applied t o t he workbook cover sheet model name cell ( see 1. 7,
Cell I dent ificat ion, for more informat ion on colour coding) .
Locat i ng t he Sour ce of Er r or , Al er t and Sensi t i vi t y Check s
The second obj ect ive of effect ively indicat ing model checks is ensuring t hat model users are
guided t o t he source of t he flagged checks. This should be done on a case by case basis, but
in t he case of error checking may be complicat ed by t he cascading effect of errors i. e. t he
pot ent ial for a single error t o flow t hrough dependent formulas t hroughout t he surrounding
workbook, t herefore making it very difficult t o isolat e t he error source error. The best way of
minimising t he risk of confusion in such cases is ensuring immediat e awareness of t he value
errors ( discussed above) .
There are t hr ee st eps t hat should be t aken t o ensure t hat model users are guided t o t he
source of errors and/ or sensit ivit ies det ect ed in a spreadsheet model:
1) Error, sensit ivit y and alert check summaries should be placed on sheet s which are
locat ed in a separat e sect ion of t he workbook. This checks sect ion should be clearly
labelled and included in t he Table of Cont ent s t o ensure easy access by model users;
2) Check condit ional format t ing ( usually bold and red font ) should be used on check
sheet s t o highlight non- zero flags ( see 5. 6 Condit ional Format t ing) ; and
3) Hyperlinks should be added t o t he checks summaries t o enable model users t o click
t hrough t o t he source of t he det ect ed error, sensit ivit y or alert .
The second of t hese st eps is t he subj ect of BPMS 11- 8 below:
BPMS 11- 9 Check Cel l For mat t i ng
Each check cell in a workbook should be for mat t ed in such a way t hat it will
visually indicat e when an error, sensit ivit y or alert check has been
t riggered.
The following example shows an error checks summary bot h wit h and wit hout errors having
been flagged in t he underlying workbook:
Er r or Check s Summar y No Er r or s Det ect ed

Er r or Check s Summar y Er r or s Det ect ed

Not e from t his example:
The error checks summary is locat ed on a blank out put sheet designed specifically t o
hold checks and is clearly separat ed and labelled accordingly ( which would appear as
such in t he Table of Cont ent s) ;
The applicat ion of check ( bold it alic red font ) condit ional format t ing t o t he rows wit hin
t he error checks summary ensuring t hat t riggered checks are clearly different iat ed
from non- t riggered checks; and
The use of hyperlinks wit hin each check row t o enable model users t o immediat ely
click t hrough t o t he source of t he det ect ed errors e. g. t he Asset s Out put Summary
sheet and t he Balance Sheet .

Spr eadsheet Model l i ng Ar ea 12 Pr i nt i ng & Vi ew i ng
Chapt er 12.
Print ing & Viewing
12.1. Over vi ew
I n order t o make spreadsheet models readily comprehensible, print ing and viewing layout s
should be considered carefully from an end user per spect ive. Obviously, a spreadsheet model
is point less if it cannot communicat e t he informat ion t hat it cont ains. More import ant ly, a
spreadsheet model t hat has been set t o print and view appropriat ely can make t he difference
bet ween it being user- friendly and difficult for model users ( and ot her model developers) t o
work wit h.
Print ing and viewing set t ings wit hin spreadsheet models are oft en neglect ed by model
developers. This has primarily been due t o an inappropriat e focus on t he part of model
developers on t he fact t hat t he print ing and viewing set t ings do not affect t he funct ionalit y or
calculat ions wit hin a spreadsheet model. As a result , t he print ing and viewing propert ies of
spreadsheet models rarely receive significant at t ent ion.
Because t he primary purpose of most spreadsheet models is t o analyse and t hen
communicat e informat ion t o model users, a best pract ice spreadsheet modeller should
devot e considerable t ime t o model print ing and viewing set t ings t o ensure t hat t here is
minimal scope for t he misunderst anding or miscommunicat ion of spreadsheet model
informat ion.
12.2. Page Number s
Because ever y best pract ice spreadsheet model wit h more t han one sheet , should cont ain a
t able of cont ent s t hat displays t he page numbers for each print ed page on each sheet in t he
workbook ( see BPMS 2- 5 Table of Cont ent s I nformat ion) , it is import ant t hat t hose page
numbers corr espond t o t he print ed page numbers.
BPMS 12- 1 Tabl e of Cont ent s Page Number s
Every workbook wit h mor e t han one sheet should cont ain a t able of
cont ent s t hat displays t he cor responding pr int ed page numbers for each
sheet . As such a workbook should always print wit h a Table of Cont ent s
t hat is consist ent wit h any page number s print ed on t he individual sheet
pages.
When print ing a workbook, t he primary goal should be ensure t hat t he spreadsheet model
print s like a page- number ed book. Because workbooks can include page numbers when
print ed, a model developer should const ruct a workbook such t hat when it print s it includes:
a) A t able of cont ent s, summarising each worksheet in t he workbook including page
numbers; and
b) Page number s on every print ed page of t he workbook t hat correspond wit h t he t able of
cont ent s page numbers.
As such, whenever a best pract ice workbook is print ed, it should include page numbers on
every print ed page t hat correspond t o t he page numbers on it s cent ralised t able of cont ent s.
BPMS 12- 2 Sheet Page Number s
Every sheet wit hin a workbook should cont ain page number s t hat
correspond wit h t he print ed page number s st at ed in t he workbook t able of
cont ent s, when print ing t he ent ire workbook.
I n t his way, a print ed copy of a workbook can be navigat ed via t he t able of cont ent s and t he
page number s in an efficient and user friendly manner.
12.3. Pr i nt i ng Wor k book s
The primary considerat ion of t he model developer when print ing a workbook should be
ensuring t hat all t he sheet s wit hin t he workbook print consist ent ly. This is done by ensuring
t hat all t he relevant print ing and viewing proper t ies of each sheet ( referred t o in some
spreadsheet applicat ions as page set up propert ies) are t he same, in part icular:
a) Print ed page margins; and
b) Print scaling set t ings.
Ensuring t hat t he print ing and viewing propert ies of each sheet in relat ion t o t hese t wo areas
are kept consist ent , t he model developer will ensure t hat a spreadsheet model print s in a
logical, consist ent and professional way.
Not e t hat most of t he st andards and convent ions in t he Print ing & Viewing Spreadsheet
Modelling Area relat e t o worksheet s and t herefore not chart sheet s. This is because chart
sheet s usually print as a single page and t herefore are not gener ally at risk of being print ed
in a way which will cause significant inconsist encies in t he print ed workbook layout . I n any
case, if chart s are appropr iat ely embedded wit hin worksheet s inst ead of placed on chart
sheet s ( as per BPMC 3- 3 No Chart Sheet s) , chart sheet print set t ings need never be
considered by t he model developer. I f chart sheet s are used, t he st andards and convent ions
discussed in t his chapt er should st ill be applied t o t he ext ent possible.
Page Mar gi n Consi st ency
The page margins of a sheet det ermine t he placement of t he informat ion wit hin t hat sheet
when it is print ed and t he size of t he margin areas around t he edge of each pr int ed page.
Because worksheet s are based on a grid st ruct ure t hat is used t o align dat a across columns
and down rows for easy int erpret at ion, it is import ant t hat t he alignment wit hin t he
worksheet s of a workbook remain consist ent when t he workbook is print ed. I f t he page
margins for each sheet are different , t he appearance of t he print ed dat a will not be
consist ent ly aligned on each print ed page. I n t he same way as t he page mar gins in a report
or document would be consist ent ly set before print ing, so t oo should t he model developer set
t he page mar gins in a workbook before print ing.
BPMS 12- 3 Page Mar gi n Consi st ency
The page margins on every sheet in a workbook should be consist ent .
To assist model users when using print ed copies of workbooks it is import ant t o maint ain
consist ency in t he page margin propert ies. I n t his way, t he print ed workbook will be more
readily useable and will be present ed in a more professional and user- friendly manner.
Therefore, t he model developer should always ensure, where pract ical, t hat t he page
margins for each sheet in a workbook are consist ent .
Pr i nt Scal i ng Consi st ency
The print scaling of a sheet det ermines t he size of t he informat ion wit hin t hat sheet when it
is print ed. Hence, if t he print scaling set t ings for sheet s wit hin a workbook are different , t he
informat ion wit hin each sheet will print wit h different sizes. Not only will t he informat ion on
different pages be aligned different ly, but t he informat ion will not be able t o be associat ed
wit h each ot her based on size or posit ioning on t he page, as may have been int ended by t he
model developer. To prevent t hese issues from arising, t he print scaling set t ings for each
sheet in a workbook should, where pract ical, be consist ent .
BPMS 12- 4 Pr i nt Vi ew Consi st ency
The print scaling set t ing and hence t he size of t he cont ent on each print ed
page in a workbook should, where pract ical, be consist ent for each sheet .
Where it is not pract ical t o ensure print scaling consist ency bet ween sheet s ( i. e. where t he
model developer want s t o fit more informat ion on cert ain print ed pages) t he number of
different print scaling set t ings used in t he workbook should be limit ed t o t he minimum
number possible. This is best done t hrough ensuring sheet t ype consist ency ( see 3. 2 Sheet
Consist ency) i. e. ensuring t hat t he print scaling set t ings of all sheet s of t he same t ype are
made consist ent . I n t his way, all t ime series sheet s will print t he same size, as will all sect ion
cover sheet s, et c.
Addit ionally, because t he print scaling set t ings of each sheet det ermine t he size of t he
component s wit hin each sheet when pr int ed, t he use of small or large print scaling set t ings
may result in confusion on behalf of model users and ot her model developers who are
viewing a print ed version of t he spreadsheet model. For example, if different heading levels
are different iat ed on screen by t heir font size propert y and different sheet s print different
sizes, it may be impossible t o dist inguish heading levels on t he different sheet s.
To prevent such issues arising from t he use of small and large print scaling set t ings, it is
recommended t hat model developers always set t he print scaling set t ings of every sheet ,
where possible, t o 100%.
BPMC 12- 1 Wor k book Pr i nt Scal i ng
I t is recommended t hat , wher e pract ical, t he print scaling for every sheet in
a workbook should be set t o 100%, where possible, t o ensure clar it y and
consist ency when print ing and viewing a print ed copy of t he workbook.
Ensuring t hat all print scaling set t ings are set at 100% means t hat t he sheet s wit hin a
workbook will always print in consist ency wit h how t hey are viewed on screen ( assuming
consist ent screen zooms are being used for each sheet in t he workbook) . This is part icularly
import ant in t he case where model users or ot her model developers have a soft copy of t he
spreadsheet model and have familiarised t hemselves wit h t he layout and appearance of t he
model on screen.
12.4. Pr i nt ed I nf or mat i on
I t is import ant for model developers t o expect t hat t heir spreadsheet models will frequent ly
be print ed by model users. Moreover, when a spreadsheet model, or part t hereof, is print ed,
it can pot ent ially be st ored indefinit ely. The print ed out put from many spreadsheet models is
oft en analysed by model users some t ime aft er t he underlying spreadsheet model was
const ruct ed. As such, t he print ed informat ion t hat appear s on each page of a spreadsheet
model can be crit ical t o t he current and fut ure underst anding of model users.
As such, model developers should ensure t hat pot ent ial users of t he print ed workbook are
aware of cert ain crit ical informat ion before using t he informat ion. I t is recommended t hat
t his be done including t he following crit ical informat ion in t he header or foot er of every
print ed page in a workbook:
a) The name of t he workbook; and
b) The dat e t hat t he page was print ed.
The inclusion of t his informat ion on every print ed page in a workbook ensures t hat anyone
who comes in cont act wit h t he print ed pages is immediat ely made aware of t he source of t he
print ed pages and t he dat e at which t hey were print ed. I t also allows for t he separat e
print ing and st orage of sheet s wit hin a spreadsheet model wit hout compromising t hese
obj ect ives.
BPMC 12- 2 Pr i nt ed I nf or mat i on
I t is recommended t hat every print ed page include t he following
informat ion:
a) The dat e and t ime t hat t he page was print ed;
b) The name of t he workbook;
c) The name of t he sheet ; and
d) The page number.
Below is an example of a print ed page wit h t his informat ion in t he foot er:
Pr i nt ed I nf or mat i on I n Sheet Foot er s
Blank Out put Sheet
M odel Name

Fi le N a me . x ls
B la n k _ Out put _ S he e t _ B O
P r in t e d: 1 2 . 0 0 A M on 0 1 / 0 1 / 2 0 1 0
Home / Cont ent s
P a g e 1 o f 1
Fi l e Na m e . x l s
Bl a n k _ Ou t p u t _ Sh e e t _ BO
Pr i n t e d : 1 2 . 0 0 AM o n 0 1 / 0 1 / 2 0 1 0

I n t his example, t he file name and exact dat e and t ime of print ing have been included in t he
left foot er ( wit h t he print ed page number being included in t he cent re foot er in accordance
wit h BPMS 12- 2 Sheet Page Number s) . Addit ionally, t he name of t he sheet has been included
wit h t his informat ion t o ensure t hat t he sheet can be easily locat ed wit hin t he model if t he
model user decides t o view t he informat ion on screen.
12.5. Vi ew i ng Wor k book s
Many model users are not accust omed t o t he different view t ypes t hat exist wit hin Microsoft
Excel
. These can include:

a) Normal view; or
b) Page Break Preview.
Moreover, many model users may not know how t o change t he page view especially for a
large number of sheet s at one t ime. Therefore, model developers should always ensure t hat
each sheet in a workbook is set t he same view t ype, and furt her, t hat t his view t ype is t he
most appropr iat e one for model users t o be viewing t he workbook on screen. I n t his way
each sheet in t he workbook will look consist ent t o t he model user.
BPMC 12- 5 Page Vi ew Consi st ency
The print scaling set t ing and hence t he size of t he cont ent on each print ed
page in a workbook should, where pract ical, be consist ent for each sheet .
I t is furt her recommended t hat t he consist ent view t ype t hat is applied t o a workbook before
providing it t o model users be t he Normal view t ype, because t he Page Break Preview view
t ype is primarily int ended for set t ing page breaks and not for normal workbook viewing.
Model users oft en use workbooks by simply viewing t hem on t heir comput er. When t he
cursor on a sheet is posit ioned down columns or across rows, t he view of t he sheet will not
be at it s nat ural st art ing point , which is t he t op left corner. Addit ionally, t he viewing posit ion
of each sheet will be saved when t he workbook is saved such t hat t he next model user will
aut omat ically see t he saved view.
As such it is import ant t hat when a model developer provides a workbook t o a model user
t hat t he way t hat t he workbook will appear ( or view) t o t he model user is appropriat e and
promot es t he efficient use of t he workbook by t he model user. To ensure t hat t his is t he
case:
a) Always set each sheet t o t he same view t ype ( as per BPMS 12- 5 Page View
Consist ency) ;
b) Ensure t hat t he vert ical and horizont al scroll of each sheet is set t o t he t op left of t he
sheet before saving t he workbook; and
c) Always posit ion t he cursor on each worksheet in t he t op- left corner of t he sheet ( i. e.
select cell A1) .
Ensuring t hat t he cursor on each worksheet is posit ioned in t he t op- left corner will ensure
t hat t he sheet t it le, hyperlinks and ot her import ant informat ion at t he t op of each worksheet
is always in view when t he model user first act ivat es each sheet ( See Chapt er 3, Sheet
St ruct ure) .
BPMC 12- 6 Wor k sheet Vi ew Consi st ency
Prior t o providing a workbook t o a model user, t he view of every worksheet
in t he workbook should be set such t hat t he t op- left corner of t he
worksheet is in view ( i. e. cell A1 is select ed) .
Ensuring consist ent view t ypes bet ween t he sheet s of a workbook, and t hat t he t op- left
corner of each worksheet is in view before dist ribut ing a spreadsheet model t o model users
will ensure t hat t he screen viewing user- friendliness of t he workbook is maximised.
Spr eadsheet Model l i ng Ar ea 13 Mul t i pl e Wor k book s
Chapt er 13.
Mult iple Workbooks
13.1. Over vi ew
Spreadsheet applicat ions are different t o most ot her applicat ions in t heir abilit y t o efficient ly
link different workbooks and maint ain int er- relat ionships bet ween t heir calculat ions. These
links are generally cont ained wit hin formulae cell references, whereby a formula in one
workbook refers t o a cell or range of cells in anot her workbook. I f used correct ly, t his
funct ionalit y has many benefit s including:
a) Limit ing individual workbook ( file) size;
b) Segregat ion of different workbooks wit hin a group;
c) Segregat ion of out put workbooks for ease of use and dist ribut ion; and
d) Securit y cont rol of different workbooks in a group ( i. e. different users allowed access
t o different workbooks wit hin t he group of linked workbooks see Chapt er 14 Securit y
& Prot ect ion) .
The overriding considerat ion when working wit h mult iple linked workbooks is ensuring t hat
t he links bet ween t he workbooks remain valid and t hat model users are made aware of t hese
links. As discussed in t his sect ion of t he st andards, t his is done via t he use of model import
sheet s and model export sheet s and t he const ant considerat ion of t he links bet ween
workbooks when working wit h mult iple workbooks.
13.2. Model I mpor t and Ex por t Sheet s
The problem wit h having formulae t hroughout workbooks t hat reference ot her workbooks is
t hat it is impossible t o ident ify, wit hout viewing t he formula bar wit hin individual cells ( or
merged cell ranges) , where t he links t o ext ernal workbooks exist . This problem is
exacerbat ed when t he workbook is print ed, in which case t here is generally no way of
ident ifying which cells are linked t o ext ernal workbooks.
As such, all links t o ext ernal workbooks should ent er and leave a workbook via dedicat ed and
clearly separat ed worksheet s. I n t his way all of t he links t o and from ot her workbooks can be
cent ralised and model users and ot her model developers will be readily able t o ident ify where
t he links occur.
Providing clarit y t o model developers and users regarding ext ernal workbook links can be
achieved via t he use of model import sheet s and model export sheet s. The purpose of t hese
sheet s is summarised below:
Model I mpor t Sheet s: cont ain formulae t hat reference worksheet ranges in anot her
workbook ( i. e. import s informat ion from anot her workbook) ; and
Model Ex por t Sheet s: cont ain worksheet ranges t hat are referenced by formulae in
anot her workbook ( i. e. export s informat ion t o anot her workbook) .
Hence, model import and model export sheet s effect ively become t he plug sheet s bet ween
linked models i. e. links from ot her workbooks should always ent er a workbook via a model
import sheet and links t o ot her workbooks should always exit via a model export sheet .
BPMC 13- 1 Ex t er nal Wor k book I mpor t s
All links from an ext ernal wor kbook int o a workbook should be made via
dedicat ed and separat e model import sheet s.

BPMC 13- 2 Ex t er nal Wor k book Ex por t s
All links t o an ext er nal workbook from a workbook should be made via
dedicat ed and separat e model export sheet s.
Not e t hat model import and model export sheet s are not separat e sheet t ypes t hat need t o
be added t o t he sheet t ypes list ed in BPMS 1- 3 Sheet Cont ent and BPMC 1- 1 Sheet Types.
The model import and model export nat ure of a sheet is an sub- classificat ion decision t hat
t he model developer needs t o make aft er making t he init ial sheet cont ent and purpose
decisions required by BPMS 1- 2 Sheet Classificat ion ( discussed in det ail in Chapt er 1 General
Concept s ) .
Hence, model import and model export sheet s can t echnically t ake t he form of any of t he
sheet t ypes list ed in BPMS 1- 3 and recommended in BPMC 1- 1. However, in most cases it
will be unusual for t hese sheet s t o be any sheet t ype ot her t han t ime series out put or blank
out put . I n any case, model import sheet s should never be assumpt ion sheet s because t hey
will primarily cont ain formula referencing t he model export sheet of a linked ext ernal
workbook ( which should never be assumpt ions) .
The model import and export sheet classificat ion process is shown as an ext ension t o t he
basic sheet classificat ion process ( discussed in Chapt er 1 General Concept s and Chapt er 3
Sheet St ruct ure) in t he diagram below:
Fi l l Co l o r Ke y : Ou t p u t Sh e e t Assu m p t i o n Sh e e t
Model I mpor t Sheet
Model Expor t Sheet
Model I mpor t Sheet
( Blank Out put )
Model Expor t Sheet
( Blank Out put )
Blank Out put Sheet
Lookup Lookup Sheet
Char t Char t Sheet
Time Ser ies
Blank
Model Schemat ic Model Schemat ic Sheet
Wh i ch Sh e e t ? Time Ser ies Assumpt ion Sheet
1 . Sh e e t Co n t e n t 2 . Sh e e t Pu r p o se
Cover Cover Sheet
3 . Mo de l I m p o r t / Ex p o r t

Not e t hat t his diagram assumes t hat model import and model export sheet s will usually t ake
t he form of t ime series out put or blank out put sheet s.
Wor k book Speci f i c Model I mpor t and Ex por t Sheet s
To provide furt her clarit y t o model users and ot her model developers it is recommended t hat
ext ernal workbook links be furt her segregat ed int o separat e worksheet s, by workbook. This
can easily be achieved by creat ing a separat e model import and model export sheet for each
workbook t hat a workbook import s or export s informat ion from or t o.
BPMC 13- 1 Wor k book - Speci f i c Model I mpor t and Ex por t Sheet s
I t is recommended t hat , wher e pract ical, a separat e model impor t and
model export sheet be cr eat ed for each ext ernal workbook t hat a workbook
links from and t o.
Hence, if ext ernal workbook links are separat ed on a workbook by workbook basis, a
spreadsheet model t hat import s informat ion from t wo linked ext ernal workbooks will cont ain
t wo workbook specific model import sheet s. Conversely, if t he same spreadsheet model
export s informat ion t o t wo linked ext ernal workbooks, it will cont ain t wo workbook specific
model export sheet s. This concept is clearly demonst rat ed in t he examples provided below in
13. 3 Linked Workbooks Diagrams.
The creat ion of workbook specific model import and model export sheet s will also result in
furt her clarit y in t he workbook t able of cont ent s ( see BPMS 2- 5 Table of Cont ent s
I nformat ion) . By providing a descript ive t it le for each worksheet , each of t he ext ernal
workbooks referenced by model import and model export sheet s will be list ed in it s t able of
cont ent s.
Consi st ent Model I mpor t and Ex por t Sheet s
I f a model developer has creat ed separ at e model import and model export sheet s in
accordance wit h BPMC 13- 1 above, t hen it is best t o st ruct ure each model import sheet in
consist ency wit h it s corresponding model export sheet in t he linked ext ernal workbook.
BPMC 13- 2 Model I mpor t and Ex por t Sheet Consi st ency
I t is recommended t hat t he model impor t sheet in one wor kbook be
st ruct ured in exact ly t he same way as t he corresponding model export
sheet in t he relevant linked workbook.
By ensuring t he st ruct ural consist ency of model import sheet s and t heir corresponding model
export sheet s t he group of linked workbooks will be significant ly easier t o underst and and
modify. I n part icular, formula references on model import sheet s will be very easy t o audit
as t hey will generally be referring t o t he cell in exact ly t he same locat ion on t he source
model export sheet . However, t his user- friendliness is great ly diminished if complex
calculat ions are included on model import sheet s.
To prevent t his loss of t ransparency, BPMC 13- 3 recommends t hat complex formulae never
be used on model import sheet s ( i. e. wit hin formula t hat cont ain direct references t o ext ernal
workbooks) :
BPMC 13- 3 No Compl ex For mul ae on Model I mpor t Sheet s
I t is recommended t hat , wher e pract ical, funct ions not be included wit hin
formulae t hat cont ain links t o ext ernal workbooks.
A similar issue is addressed by BPMS 13- 3, which aims t o prevent dat a inconsist encies
bet ween linked workbooks by requiring t hat model export sheet s link direct ly t o workbook
out put calculat ions, and furt hermore t hat model export sheet dat a is always moved int o
linked workbooks via formula links:
BPMS 13- 3 Wor k book Out put Li nk s
All for mulae on a model expor t worksheet should always be linked dir ect ly
t o t he workbook calculat ions.
Cont ent on a model export worksheet should never be moved from one
workbook t o anot her workbook in a manner ( e. g. copied and past ed as
values) which creat es st at ic dat a t hat will not change when changes ar e
made t o t he workbook from which t he dat a originat ed.
Separ at e Model I mpor t and Ex por t Sect i ons
Where a spreadsheet model cont ains model import and model export sheet s, it is
recommended t hat t hese sheet s be placed in a separat e, dedicat ed sect ion ( or sub- sect ion)
of t he workbook. This sect ion should be clearly labelled as being t he model import and model
export sect ion of t he workbook.
BPMC 13- 4 Model I mpor t and Ex por t Sect i ons
I t is recommended t hat model impor t and model expor t sheet s be placed in
separat e, dedicat ed sect ions of a workbook.
Because model import and model export sheet s will not be a primary point of focus t o model
users, it may oft en be appropriat e t o place t he sect ion ( or sub- sect ion) of t he workbook
cont aining t hese sheet s in t he appendix of t he workbook ( if one exist s) . Ot herwise, a
separat e sect ion could be creat ed near t he back of t he workbook specifically t o house t hese
sheet s.
Model I mpor t and Ex por t Sheet s - Summar y
The following rules should be applied when using model import sheet s and model export
sheet s:
Avoid locat ing links t o or from more t han one workbook on any single model import or
model export sheet e. g. if a workbook import s informat ion from t wo ot her
workbooks, t wo different model import sheet s should be included t o collect t hese links;
Never change a model export sheet wit hout ensuring t hat t he workbook which is
drawing informat ion from t hat sheet is open during t his process. This will prevent
ext ernal workbook links from becoming invalid;
Clearly list any linked workbooks on t he workbook cover sheet . For larger groups of
workbooks, it is recommended t hat a schemat ic diagram be included on a model
schemat ic sheet in each workbook clearly illust rat ing t he int er- linking bet ween t he
workbooks in t he group ( see BPMC 13- 5 Mult iple Workbook Diagrams below) ;
Place t he model import sheet s and model export sheet s in a separat e sect ion or sub-
sect ion of each workbook ( e. g. a sub- sect ion wit hin an appendix sect ion) and clearly
indicat e on t hese sheet s which workbook t he informat ion is coming from or going t o;
Aim t o layout and present model import sheet s and t heir corresponding model export
sheet s ( in t he linked workbook) in a virt ually ident ical way. This is oft en best achieved
by copying t he first developed model import sheet or model export sheet int o t he
linked workbook aft er finalising it s layout and design; and
Avoid t he use of complex formulae on model import sheet s. As a general rule, all
formulae on a model import sheet should simply cont ain a direct link t o it s
corresponding cell on it s corresponding model export sheet . This concept is discussed
above in BPMC 13- 3 No Complex Formulae on Model I mport Sheet s.
These general principles should always be followed when using model import and model
export sheet s t o creat e secure, t ransparent links bet ween mult iple workbooks.
13.3. Li nk ed Wor k book s Di agr ams
When a spreadsheet model consist s of a group of linked workbooks, it is necessary t o
communicat e bot h t he links bet ween workbooks and t he different cont ent of each workbook
t o model users. This is best achieved by creat ing a diagram ( referred t o as a linked
workbooks diagram) t hat represent s:
a) Each workbook;
b) The flow of links bet ween each workbook; and
c) Brief summaries of t he purpose and cont ent of each workbook.
The use of linked workbooks diagrams t o convey informat ion about mult iple linked
workbooks is recommended by BPMC 13- 5:
BPMC 13- 5 Li nk ed Wor k book s Di agr ams
I t is recommended t hat whenever t here are more t han t wo workbooks
linked t o each ot her in a workbook group, t hat a diagram be creat ed wit hin
each workbook showing t he links bet ween t he group of linked workbooks.
The following linked workbooks diagram shows t echnically how t he links bet ween t hree
workbooks might operat e. This example ignores all ot her sheet s in each workbook ot her t han
t he model import sheet s and model export sheet s:
Li nk ed Wor k book s Di agr am Ex ampl e 1
Wor k book 1
Model Expor t Sheet 2
Model I mpor t Sheet 1
Wor k book 2
Wor k book 3

Not e t hat no model import sheet or model export sheet s should cont ain links from or t o more
t han one workbook.
The following linked workbooks diagram provides an example of how t he links bet ween
mult iple models in a group might be communicat ed t o ot her model developers and model
users on a model schemat ic sheet ( see BPMS 1- 3 Sheet Cont ent and BPMC 1- 1 Sheet Types)
in a less t echnical way:
Li nk ed Wor k book s Di agr am Ex ampl e 2

Wor kbook 1
Wor kbook 3
Wor kbook 1 det ails
Wor k book 1
De scr i p t i o n :
De t a i l s:
De t ai l s:
Wor kbook 2
De t a i l s:
Wor k book 2 Wor k book 3

This diagram could t hen be included in each workbook in t he linked group t o ensure t hat t he
model user is always aware of t heir relat ive posit ion wit hin t he group of linked workbooks.
Not e t hat double- ended arrows have been used in t his example because all t he workbooks
cont ain model import sheet s and model export sheet s. I n t he event t hat t he links bet ween
t wo workbooks only go in one direct ion, single- ended arrows should be used in t hese
diagrams.
13.4. Mul t i pl e Wor k book I ssues
Alt hough t he ident ificat ion of issues surrounding t he use of mult iple linked workbooks is not
st rict ly a required part of t hese st andards, t hey have been included t o addr ess t he frequent
problems encount ered by model developers and model users in working wit h groups of linked
workbooks.
These problems usually result from eit her a failure t o communicat e clearly t he exist ence of
ext ernal workbook links t o model users and ot her model developers or t he use of common
spreadsheet funct ionalit ies which are not suit able for mult iple workbook links.
I n summary, t he following considerat ions should be borne in mind when working wit h
mult iple linked workbooks:
Alt hough mult iple linked workbooks can be opened individually, links from closed
workbooks will be t reat ed as const ant s when applied in open workbooks. Hence, if t he
workbooks rely on calculat ions from each ot her t hese will not funct ion properly if one
of t he workbooks is closed. Hence, only workbooks wit h model import sheet s ( and no
model export sheet s) can be safely opened and used wit h t heir linked models closed;
Complex calculat ions should never cont ain ext ernal workbook references ( as
recommended by BPMC 13- 3 No Complex Formulae on Model I mport Sheet s) . Model
import sheet s and model export sheet s should be used t o direct ly import or export
informat ion from linked ext ernal workbooks before t his informat ion is used as t he basis
for calculat ions ( which should not be undert aken on t hese sheet s) ;
Care should be applied when using some funct ions on an int er- workbook basis e. g.
t he OFFSET funct ion may not updat e in some circumst ances when used wit h ext ernal
workbook references and t herefore will creat e errors. This problem will always be
prevent ed by complet ely avoiding t he use of funct ions in model import sheet formulae;
Avoid ret aining redundant links in workbooks i. e. links t o ext ernal workbooks which
unint ent ionally remain aft er t he model developer int ended t o remove all links t o t hese
workbooks. This can oft en occur in unpredict able ways ( such as int er- workbook
worksheet name links) and can oft en cause serious errors in t he model and
spreadsheet applicat ion generally;
Care should be applied when re- naming linked workbooks or changing t heir
direct ories. Prevent ing t he loss of links during t hese processes is generally achieved by
ensuring t hat all t he workbooks in t he group are open before re- saving t hem and
checking t he validit y of t he links before and aft er each workbook is saved; and
Linked workbooks should always be dist ribut ed ( i. e. provided t o model users or ot her
model developers via disk or email) as a group and not individually as separat e
dist ribut ion will almost cert ainly break any links bet ween t he workbooks.
Spr eadsheet Model l i ng Ar ea 14 Secur i t y & Pr ot ect i on
Chapt er 14.
Securit y & Prot ect ion
14.1. Over vi ew
The encrypt ion on workbooks, sheet s and cells in Microsoft Excel
is not highly secure.

Passwords can be cracked in minut es wit h free soft ware. Microsoft acknowledges t hat t hese
prot ect ion funct ionalit ies are display feat ures rat her t han securit y feat ures. Therefore, it
should be not ed t hat passwords will only st op t he casual user and cannot be relied upon as a
securit y feat ure in dist ribut ed applicat ions.
Nevert heless, securit y and prot ect ion t ools wit hin spreadsheet applicat ions can be used t o
limit and/ or prevent accident al access t o a workbook or cert ain designat ed component s of a
workbook. Common securit y and prot ect ion t ools can be used t o cont rol:
a) Access t o workbooks;
b) Access t o designat ed sheet s;
c) Access t o cells; and
d) Access t o ot her obj ect s wit hin sheet s.
The use of securit y and prot ect ion t ools in spreadsheet models serves t wo primary purposes:
a) Prevent ing unaut horised access t o a workbook or designat ed component s wit hin a
workbook ( limit ed, as described above) ; and/ or
b) Cont rolling t he way in which model users use t he workbook i. e. prevent ing t he
manipulat ion of non- assumpt ions cells.
These pur poses are closely relat ed because cont rolling t he way in which model users use a
workbook is done by prevent ing access t o component s of t he workbook ( such as sheet s and
cells) t hat should not be capable of manipulat ion ( or in some cases inspect ion) by model
users.
Many model developers only begin t o consider using securit y and prot ect ion t ools at t he end
of t he model development process when t hey want t o prot ect t heir spreadsheet models from
unaut horised use. I t is recommended t hat model developers apply t he int ended locked
propert ies during t he const ruct ion process, rat her t han at t he end of const ruct ion. This is a
significant ly more efficient and accurat e met hod of implement ing securit y and prot ect ion
propert ies. However, in addit ion t o t he securit y feat ures offered by securit y and prot ect ion
t ools, t hese t ools are an inst rument al component of t he I nt erface Cont rol Concept discussed
in 5. 2 The I nt erface Cont rol Concept .
14.2. Non- Assumpt i ons Pr ot ect i on
I n t erms of best pract ice spreadsheet modelling and t he int erface cont rol concept , one of t he
primary purposes of securit y and prot ect ion t ools is t o prevent model users from changing
non- assumpt ions. As discussed in 1. 3 Assumpt ion Classificat ion, every component of a
spreadsheet model t hat is not an assumpt ion is by default a non- assumpt ion ( out put ) and is
t herefore not int ended t o be manipulat ed by model users.
The benefit s of using securit y and prot ect ion t ools t o prevent model users from manipulat ing
non- assumpt ion component s of a workbook include:
a) Prevent ing model users from accident ally or int ent ionally changing model out put s in a
way which invalidat es analysis undert aken by t he model;
b) Providing furt her guidance t o model developers in relat ion t o dist inguishing assumpt ion
and non- assumpt ion component s of a workbook ( i. e. in addit ion t o purpose- based
format s and st yles) ; and
c) Ensuring t hat t he model developer is always required t o be a par t y t o non- assumpt ions
manipulat ion.
Hence, securit y and prot ect ion t ools should be used t o ensure t hat model users are only able
t o manipulat e t he assumpt ions component s of a workbook.
BPMC 14- 2 Pr ot ect i on of Non- Assumpt i ons
Secur it y and prot ect ion t ools should be used t o ensure t hat only t he
assumpt ions component s of a workbook are capable of manipulat ion by
model users.
I t is import ant t o underst and t hat t his st andard does not require t hat model users are
prevent ed from viewing and analysing non- assumpt ions component s of a workbook ( such as
formula calculat ions) . Rat her, it requires t hat model users are not able t o change non-
assumpt ions component s of a workbook, which will oft en result in changes t o model logic
and out put t hat are not cont rolled by t he model developer.
I n t his regard, it is import ant t o bear in mind t he dist inct ion bet ween model users and
developers ( as discussed in t he int roduct ion and overview of t hese st andards and
convent ions) . A model user should only ever be looking t o manipulat e t he assumpt ions of a
spreadsheet model wit h a view t o analysing t he result ing out put . I n t he event t hat a model
user wishes t o manipulat e non- assumpt ion ( out put ) component s of t he spreadsheet model,
t his will involve st epping int o t he shoes of t he model developer and removing any securit y
and prot ect ion measures t hat have been t aken t o cont rol model users. Hence, securit y and
prot ect ion t ools should be used t o limit and cont rol t he act ions of model users, not model
developers.
The prot ect ion of non- assumpt ions is achieved via a combinat ion of securit y and prot ect ion
t echniques, including workbook and sheet prot ect ion t ools. The use of t hese t ools is
discussed t hr oughout t he remainder of t his chapt er.
14.3. Wor k book Pr ot ect i on
Workbook pr ot ect ion t ools can be used t o prot ect bot h t he unaut horised access t o a
workbook or component s wit hin a workbook and t he unaut horised manipulat ion of t he
st ruct ure of a workbook. Prior t o t he dist ribut ion of a complet e spreadsheet model, it is
import ant t o prevent bot h of t hese t hings from t aking place.
More specifically, workbook prot ect ion can be applied in t wo ways, each wit h a different
purpose:
Workbook Access Prot ect ion: prevent s a workbook from being opened wit hout
( password) access being grant ed; and
Workbook St ruct ure Prot ect ion: prevent s changes being made t o t he st ruct ure of a
workbook ( e. g. t he removal, addit ion, hiding and unhiding of sheet s) wit hout
( password) consent being given.
I t is recommended t hat workbook access prot ect ion be used wher ever unaut horised part ies
have access t o t he spreadsheet model file( s) ( e. g. via a net work) but should not be allowed
t o open t hem. I t is not ed t hat password prot ect ion for spreadsheet applicat ions is generally
not st rongly encrypt ed and can be circumvent ed.
Addit ionally, it is recommended t hat workbook st ruct ure prot ect ion should be used where
model users are grant ed limit ed access t o t he spreadsheet model ( e. g. not t o hidden sheet s)
or t here is a risk t hat ot her developers may at t empt t o make unaut horised st ruct ural
changes t o t he workbook.
BPMC 14- 1 Wor k book Pr ot ect i on
I t is recommended t hat workbook prot ect ion be used whenever a model
developer is required t o:
a) Cont rol access t o a workbook;
b) Cont rol access t o designat ed sheet s wit hin a workbook; and/ or
c) Prevent st ruct ural changes being made t o a workbook.
Workbook pr ot ect ion is primarily used t o prevent and limit access t o spreadsheet models
and/ or t he sheet s wit hin a spreadsheet model. Hence, it is not primarily focussed on
prevent ing t he manipulat ion of t he non- assumpt ions component s of a workbook ( alt hough
t his could t ake place via t he delet ion of sheet s which is prevent ed when t he st ruct ure of a
workbook is prot ect ed) . Prevent ing t he manipulat ion of t he non- assumpt ions component s of
a workbook is primarily achieved t hrough t he use of sheet prot ect ion, which is discussed
below.
14.4. Sheet Pr ot ect i on
Sheet prot ect ion plays a fundament al role in bot h t he prot ect ion of model infrast ruct ure and
t he cont rol of model users. Once a model is complet e, sheet prot ect ion should be used
ext ensively t o ensure t hat model users do not change non- assumpt ion cells and cannot
inadvert ent ly change or delet e model cont ent s ( including headings, cont rols and calculat ions)
which would cause errors in t he model.
I f t he sheet s of a workbook are const ruct ed accor ding t o t he purpose- based approach
underpinning t hese st andards and convent ions, only assumpt ion cells on assumpt ion sheet s
will be able t o be changed by model users when t he sheet s of t he workbook are prot ect ed
( for more informat ion on purpose- based format s and st yles Chapt er 1 Gener al Concept s ,
and Chapt er 4 Format s and St yles) . This prevent at ive met hod of limit ing t he act ions of
model users is always preferable t o ret rospect ive warnings and prompt s.
I t is recommended t hat t he following rules be applied when using sheet prot ect ion:
All sheet s in a workbook should be prot ect ed prior t o it s dist ribut ion t o model users;
and
Generally, only assumpt ion cells on assumpt ion sheet s should be unlocked when a
model is provided t o a model user.
These concept s are reit erat ed by BPMC 14- 3:
BPMC 14- 3 Sheet and Cel l Pr ot ect i on
I t is recommended t hat every cell in a workbook t hat is not an assumpt ion
cell be prot ect ed ( locked) prior t o dist ribut ion of t he workbook t o model
user s.
For t his cell pr ot ect ion t o operat e effect ively, every sheet in t he workbook
must be prot ect ed.
I t is recommended t hat sheet prot ect ion not be applied before t he finalisat ion of a model. A
logical syst em should be used t o creat e and apply sheet prot ect ion passwords ( if t hey are
being used) and a backup password list should always be maint ained at all t imes.
14.5. Passw or ds
I nsert ing passwords when applying workbook or sheet prot ect ion can be dangerous and
should be done carefully, as it may be difficult ( or impossible) t o ret urn t he workbook t o it s
original st at e following t he loss of a password. As such, it is recommended t hat passwords
never be applied unnecessarily t o a workbook.
BPMC 14- 4 No Unnecessar y Passw or ds
I t is recommended t hat unless t he model developer does not want model
user s t o access cer t ain areas of a workbook when prot ect ing a worksheet or
workbook, t hat no password be applied.
I t is oft en j ust as effect ive, when workbook and sheet prot ect ion is being used t o prevent
unint ent ional modificat ions by model users, t o apply prot ect ion wit hout a password. I n t his
way a model user would need t o consciously remove prot ect ion before making any
modificat ions.
I n t he event t hat passwor ds must be used when applying workbook or sheet prot ect ion ( e. g.
when a spreadsheet model is t o be dist ribut ed t o a large number of users or placed on a
net work but wit h cont rolled access) , it is recommended t hat a list of t he insert ed passwords
I t is recommended t hat when applying workbook or worksheet prot ect ion
using passwor ds, t hat a password list be pr int ed and st ored in a saf e
locat ion for fut ure refer ence.
Failing t o maint ain an up t o dat e list of passwords for a spreadsheet model will oft en result in
passwords being lost or confused and is a common cause of a model redundancy.
be print ed and st ored in a safe locat ion.
BPMC 14- 5 Storing Passwords
Spr eadsheet Model l i ng Ar ea 15- Vi sual Basi c Pr ogr ammi ng
Chapt er 15.
Visual Basic Programming
15.1. Over vi ew
The st andar ds current ly cont ain one Visual Basic
programming convent ion on t he basis t hat

Visual Basic programming skills are not current ly prevalent in t he spreadsheet modelling
communit y. The Spreadsheet St andar ds Review Board envisages t he furt her development of
t his spreadsheet modelling area in fut ure versions of t he st andards.
15.2. Recor di ng Macr os
A macro is a series of commands and funct ions t hat are st ored in a Microsoft Visual Basic

module. As such a macro is made up of lines of comput er code t hat are writ t en in t he
Microsoft Visual Basic
programming language.
The use of macros can in many cases great ly improve t he capabilit ies, funct ionalit ies and
user- friendliness of spreadsheet models. However, t hey should be used wit h ext reme care as
t hey are very unforgiving if not recorded or writ t en correct ly and may inadvert ent ly cause
irreparable damage t o a spreadsheet model. More import ant ly, macros and t he Microsoft
Visual Basic
programming language are generally not well underst ood by model users. As
such, macros generally represent a black box t o model users and creat e concern as t o what
impact t hey are having on a spreadsheet model.
BPMC 15- 1 Recor di ng Macr os
I t is recommended t hat only ext remely simple macros be creat ed using t he
macro recorder. Macros creat ed using t he macro recorder should not be
relied upon by model developers who are not familiar wit h t he r esult ing
source code.
Macros should only be wr it t en by experienced VBE programmers.
Alt hough a full discussion of t he rules and applicat ion of macros is current ly out side t he
scope of t hese st andards and convent ions, t he following point s should be considered
whenever using t hem:
Macros should never be used inst ead of calculat ions. Not only are macros generally
slower t han worksheet formulae, t hey are also less widely underst ood and t herefore
more likely t o confuse ot her model developers and model users;
I f macros are recorded ( as opposed t o writ t en) , model developer s should ensure t hat
no changes are made t o any of t he obj ect s affect ed by t he macro ( e. g. sheet names,
range names, chart s, et c) t hat would invalidat e t he macro; and
I f macros are writ t en, care should be used t o ensure t hat t he macro will always
operat e corr ect ly from wherever it is expect ed t o be called, and also t hat t he code
used t o writ e t he macro will be valid in older versions of t he spreadsheet applicat ion
used t o const ruct t he model.
Spr eadsheet Model l i ng Ar ea 15- Vi sual Basi c Pr ogr ammi ng
As a general rule, only ext remely simple macros should be recorded and only developers
experienced in macro writ ing should include writ t en macros in spreadsheet models provided
t o model users.
Spr eadsheet Model l i ng Ar ea 16 - Mi scel l aneous
Chapt er 16.
Miscellaneous
16.1. Mul t i pl e Model Devel oper s
One of t he maj or problems wit hin t he spreadsheet modelling sect or is t he fact t hat t he model
developer is oft en t he only person who underst ands a spreadsheet model well enough t o
modify it . This sit uat ion primarily occurs when a model developer does not apply Best
Pract ice Spreadsheet Modelling St andards, and hence does not communicat e t he underlying
logic of spreadsheet models t o model users.
This sit uat ion has result ed in unusable spreadsheet models and significant cost s on t he part
of t he business communit y t o replace or re- develop exist ing spreadsheet models. Moreover,
t he risks t hat are associat ed wit h only one person underst anding t he logic wit hin a
spreadsheet model are significant . When a model user applies t he out put from a spreadsheet
model t hat only one person underst ands ( t he model developer) , it could be compared t o
report ing hist orical account ing result s t o t he Board t hat one person has prepared and no- one
else has verified. Moreover, and t o t ake t he analogy furt her, t hat person not only prepared
t he hist orical account ing result s, but t hey also independent ly const ruct ed t he account ing
syst em, wit h no- one else checking t heir work. Obviously, most businesses would not allow
t his sit uat ion t o occur.
Spreadsheet modelling should always be undert aken wit h t he expect at ion t hat at some st age
anot her model developer might wish t o use or change t he model in some way. Wit h t his
expect at ion in mind, a number of st eps can be t aken t o aid ot her model developers who
come in cont act wit h t he spreadsheet model, including:
Ent ering t he name of t he primary or original model developer int o t he workbook;
Maint aining a record of t he model development process, including const ruct ion and
amendment dat es and allocat ions of responsibilit y;
Maint ain a password list where securit y and prot ect ion has been applied wit h
passwords ( as per BPMC 14- 4 No Unnecessary Passwords) ; and
I ncluding a det ailed help file/ user guide wit h t he model t o aid in it s use and furt her
development ( see 16. 4 Help Files and I nst ruct ions below) .
The first of t hese st eps is t he subj ect of BPMC 16- 1:
BPMC 16- 1 Model Devel oper I dent i f i cat i on
I t is recommended t hat t he name of t he model developer is ent ered int o
t he workbook ( normally on t he cover sheet if applicable) .
When mult iple developers are involved in t he model development process, t he overriding
requirement is t o ensure t hat t hese st andards and convent ions are universally applied at
every st age of t he spreadsheet model development process. This will ensure t hat ot her
model developers who are also applying Best Pract ice Spreadsheet Modelling St andards will
be immediat ely familiar wit h t he model const ruct ion t echniques and met hodologies used.
16.2. Cal cul at i on Met hodol ogy
When a workbook is set t o calculat e manually, several problems are creat ed for a model
user. I n t he first inst ance, some model users may not know how t o execut e a manual
calculat ion wit hin t he spreadsheet applicat ion ( i. e. in Microsoft Excel
, t his is done by
pressing t he F9 key on t he keyboard) . I f t his is t he case, t he model user will not be able t o
manipulat e t he out put of t he workbook and as such will not be able t o use t he workbook for
analysis purposes.
Furt her, t he model user may not know how t o change t he calculat ion met hodology from
manual t o aut omat ic. I n t his case, t he model user t hen needs t o remember t o execut e a
manual calculat ion every t ime t hey change an assumpt ion wit hin t he workbook.
Therefore, as a general rule, t he calculat ion met hodology of a spreadsheet model should
always be set t o aut omat ic when provided t o model users. I n some cases, a manual
calculat ion set t ing may be required t o ensure t hat t he model act ually calculat es ( i. e. where
t he calculat ions in t he model are creat ing an irresolvable circular reference) but t hese
inst ances should always be avoided and are considered t o be inappropriat e spreadsheet
modelling pract ice. See 8. 6 Circular References for more det ails.
BPMS 16- 1 Aut omat i c Cal cul at i on Set t i ng
A workbook should, wher e pract ical, be set t o calculat e aut omat ically.
16.3. Cal cul at e i n t he St at us Bar
Set t ing a spreadsheet t o manual calculat ion is not t he only inst ance when Calculat e will show
in t he st at us bar. I n t ot al, t here are four known occasions in Microsoft Excel
in which t he
st at us bar will show CALCULATE:
The applicat ion calculat ion set t ing has been set t o manual and t he workbook cont ains
uncalculat ed formulae. Excel set s t he calculat ion mode from t he first workbook opened
in a session: where t wo workbooks are opened, one saved in manual mode and one
saved in aut omat ic mode, bot h will have t he calculat ion mode of t he first workbook
opened;
The I t erat ion set t ing is t urned on and t he workbook cont ains circular references;
Excel 2000 is being used wit hout t he SR1 updat e and a user- defined funct ion is being
used t hat at t empt s t o define a name and depends on a volat ile funct ion; and
Excels limit for t racking formula dependencies has been reached. The number of
different areas in a sheet t hat may have dependencies is limit ed t o 65, 536 for Excel
2003 and 16, 384 for Excel 2000 and/ or t he number of cells t hat may depend on a
single area is limit ed t o 8, 192. Aft er t he workbook has passed t hese limit s, Excel no
longer at t empt s t o recalculat e only changed cells. I nst ead, it recalculat es all cells at
each calculat ion. At t he t ime of writ ing, t hese limit s are underst ood t o have been
removed ent irely from Excel 2007.
16.4. Emphasi si ng I nf or mat i on
Using visual t ools t o different iat e dat a is t he commonly accept ed met hod for rapidly
delivering informat ion about t he purpose, cont ent and import ance of dat a t o model users.
There are dozens of different t ypes of format proper t ies t hat can be applied t o an individual
cell in a workbook t o different iat e it s appearance.
Ent renching t he correct level of visual emphasis for input s or out put s wit hin a spreadsheet
model is a crit ical aspect t o effect ively communicat ing purpose and cont ent t o model users.
Applying appropriat ely different levels of emphasis t o dat a format s applies not only t o
assumpt ion input s and calculat ion out put s, but also t o headings, t it les and labels cont ained
wit hin a spreadsheet model. I mport ant ly, a model developer should ensure t hat t he format s
t hat are applied t o creat e different levels of emphasis should be applied consist ent ly
t hroughout a spreadsheet model t o informat ion requiring similar levels of emphasis.
BPMC 16- 2 Emphasi si ng I nf or mat i on
I t is recommended t hat you creat e and consist ent ly apply various levels of
headings in a workbook t hat visually communicat e t he appropriat e level of
emphasis or import ance t hat should be at t ached t o each cell or range of
cells.
The use of different format s t o creat e different levels of emphasis for informat ion cont ained
wit hin a spreadsheet furt her enhances t he abilit y of model developers and users t o
different iat e t he import ance of different levels of informat ion using visual st andards.
For more informat ion and examples of purpose- based format s and st yles, see Chapt er 1
General Concept s and Chapt er 4 Format s and St yles.
16.5. Hel p Fi l es and I nst r uct i ons
The concept of help files is associat ed almost exclusively wit h comput er progr ams and rarely
wit h specific spreadsheet models. However, for spreadsheet models t hat will be used by
large numbers of users for report ing and/ or import ant decision making, t he development and
inclusion of a help file t o be dist ribut ed wit h t he model should be considered.
A help file is a file of informat ion t o assist model users and model developers wit h how t o
operat e a spr eadsheet model. A help file might include informat ion such as:
a) How t o use t he assumpt ion ent ry int erfaces;
b) What are t he primary workbook out put s ( non- assumpt ions) ;
c) What are t he primary workbook input s ( assumpt ions) ;
d) How t o use t he workbook or group of workbooks ( workbook schemat ics) ;
e) Formulae schemat ics or diagrams;
f) Model schemat ics conveying t he logic of a model or part of a model; and
g) Any ot her relevant not es or comment ary.
These point s are reit erat ed by BPMC 16- 3:
BPMC 16- 3 Hel p Fi l es and I nst r uct i ons
I t is recommended t hat every workbook be accompanied by inst ruct ions
t hat explain t he following for bot h model users and fut ur e model
developers:
a) What t he primary out put s ar e;
b) What t he primary assumpt ions are;
c) How t o use t he workbook or group of workbooks; and
d) Any ot her relevant not es or comment ary.
A help file does not necessarily have t o be in t he spreadsheet model and might even be more
suit ed t o a word processing applicat ion and inst ruct ion manual layout . However, it should
always be dist ribut ed wit h t he model and referenced t hroughout t o ensure t hat users are
always made aware of it s exist ence.
16.6. Ot her Comment ar y
This addit ional comment ary has been included in t hese st andar ds t o address select ed issues
which are commonly encount ered during t he spreadsheet model development process. The
areas discussed in t his sect ion are not exhaust ive.
Model Schemat i cs
Model schemat ic diagrams should be used ext ensively t hroughout a spreadsheet model t o
communicat e informat ion about it s st ruct ure, funct ions and limit at ions t o ot her model
developers and model users. There is no limit at ion on t he use of diagrams and t hey will
almost always be received favourably by model users when compared wit h purely numerical
out put .
Examples of informat ion t hat is oft en bet t er conveyed via diagrams t han via purely numerical
out put include:
The relat ive posit ion of a workbook wit hin a group of linked workbooks ( see Sect ion
13. 3, Linked Workbooks Diagrams) ;
An overview of t he st ruct ure of a model i. e. broken down by sect ions and sub-
sect ions; or
Logic diagrams showing t he relat ionships bet ween t he different component s of t he
model i. e. t he flow of base assumpt ions and sensit ivit y assumpt ions t o t he out put
calculat ions and present at ion out put s.
Model schemat ic diagrams should always be const ruct ed on model schemat ic sheet s ( see
Chapt er 3 Sheet St ruct ure) .
Compat i bi l i t y I ssues
Compat ibilit y issues may emerge whenever a model is expect ed t o be used in a different
version of t he spreadsheet applicat ion t han t hat used t o creat e it . This is part icularly relevant
for model developers who build models for a large number of users or for dist ribut ion t o
users wit hin a different organisat ion.
I t is oft en very difficult t o obt ain a list of areas wit hin a spreadsheet applicat ion t hat will
creat e compat ibilit y issues. The most commonly encount ered problem is t he use of a
capabilit y in a model developed in a newer applicat ion which was not available in an earlier
version of t he same applicat ion. Generally, t his can only be prevent ed by t est ing ( or
developing) t he model on t he earliest version of t he spreadsheet applicat ion t hat t he model
will be used on, and making any required adj ust ment s t o prevent problems. I n some cases,
such as t he upgrade of Microsoft Excel

from version 2003 t o version 2007, t his approach is
not complet ely reliable, and in such cases t he best approach is always t o ensure t hat all
model developers and model users are using t he same version of Microsoft Excel and are
aware of t he pot ent ial issues associat ed wit h moving bet ween ver sions.
I n t he event t hat a new funct ionalit y is required in a model, it should be made clear t o model
users in advance whet her or not t he model will operat e correct ly on t heir version of t he
spreadsheet applicat ion.
Speci al i sed Spr eadsheet Model l i ng Sof t w ar e
Using specialised spreadsheet modelling soft ware in conj unct ion wit h your spreadsheet
applicat ion ( i. e. Microsoft Excel
) can great ly improve your spreadsheet modelling, and make

t he implement at ion of t hese Best Pract ice Spreadsheet Modelling St andards and Convent ions
significant ly easier.
Specialised spreadsheet modelling soft ware is available t o assist a model developer wit h
many areas of spreadsheet modelling, including:
a) Developing a spreadsheet model;
b) Audit ing a spreadsheet model; and
c) Present ing a spreadsheet model.
To rapidly implement t hese st andards and convent ions, t he Spreadsheet St andards Review
Board and BPM recommend bpmToolbox
- an add- in t o Microsoft Excel
designed
specifically t o facilit at e t he ult ra- efficient implement at ion of t hese st andards and
convent ions.
For more informat ion about specialised spreadsheet modelling soft ware, please go t o
www. ssrb. org or www. best pract icemodelling. com.

Def i ned Ter ms
Chapt er 17.
Defined Terms
Ter m or Wor d Def i ni t i on
# REF! An error value which denot es t hat t he value result ing from t he for mula in
a cell is invalid.
Act i ve Cel l A cell on a wor ksheet which is out lined by t he act ive cell indicat or and
which is ready for format t ing, ent ering dat a, formulae, or any ot her act ion
which can be performed in a cell.
Al er t Check ( s) Test s included in a spreadsheet model t o det ect and indicat e t he
occurrence of designat ed event s t hat t he model developer int ends t o
not ify t he model user of, excluding error checks and sensit ivit y checks.
Al er t Check s
Summar y
An area wit hin a workbook dedicat ed specif ically t o cent ralise and cont ain
flags for all of t he alert checks in a workbook.
Al i gnment The posit ion of dat a wit hin a cell or obj ect . The dat a can be posit ioned
horizont ally t o t he lef t , cent re, or right of t he cell / obj ect , as well as
posit ioned ver t ically t o t he t op, middle, or bot t om of t he cell / obj ect .
Al t ( But t on) A key on t he keyboard ( locat ed on eit her side of t he space bar) , which
when used in combinat ion wit h short cut keys will creat e keyboard
short cut s.
Anchor ed Locking a column and/ or row cell refer ence t o a fixed posit ion using t he $
sign wit h t he cell reference.
Appendi ces A sect ion of a workbook t hat cont ains checks, lookup sheet s, model impor t
sheet s, model export sheet s and ot her secondary sheet s.
Assumpt i on Anyt hing wit hin a workbook t hat t he model developer int ends t o be
manipulat ed by model users t o affect t he workbook calculat ions.
Assumpt i on Cel l A cell in a wor ksheet cont aining an assumpt ion.
Assumpt i on Ent r y
I nt er f ace
An area wit hin a workbook in which an assumpt ion is ent er ed or modified.
Assumpt i ons Gr ey Fill colour recommended t o be used t o dist inguish Assumpt ions Sheet s.
Assumpt i on
Repet i t i on
Erroneously collect ing t he same assumpt ion t wice r esult ing in one of t he
ent ered assumpt ions being inoperat ive.
Assumpt i on Sheet A sheet of any t ype t hat cont ains one or more assumpt ions.
Base Assumpt i on A base ent ry int o a workbook t hat drives base out put s ( out put t hat does
not include t he impact s of sensit ivit y assumpt ions) .
Base Assumpt i on
Sheet
An assumpt ion sheet used t o collect base assumpt ions.
Base Case The out put case from a model when no sensit ivit y assumpt ions ar e
operat ive i. e. when only t he base assumpt ions are operat ive.
Base Cel l A cell t hat is used as a r eference cell in for mulae which use OFFSET and/ or
I NDEX funct ions.
Best Pr act i ce Model A spreadsheet model built according t o t hese Best Pract ice spreadsheet
modelling st andards.
Def i ned Ter ms
Best Pr act i ce
Spr eadsheet
Model l i ng St andar ds
A set of St andards ( and Convent ions) which involve a met hodology or
approach required ( or recommended) t o implement Best Pract ice
Bi nar y A choice bet ween t wo exhaust ive opt ions ( eg 1 or 0, TRUE or FALSE, YES
or NO, I nclude or Exclude) .
Bl ank Assumpt i on
Sheet
A blank sheet t hat cont ains one or more assumpt ions.
Bl ank Out put Sheet A blank sheet t hat does not cont ain assumpt ions.
Bl ank Sheet A worksheet t hat does not fall wit hin any of t he ot her sheet t ypes list ed in
BPMS 1- 7. Sub- classified as eit her a Blank Assumpt ion Sheet or a Blank
Out put Sheet depending on whet her or not t he worksheet cont ains
assumpt ions.
Bl ock Ar r ay Single area, mult iple cell, non- row, non- column array.
Bool ean A TRUE or FALSE result .
BPM Best Pract ice Modelling ( BPM Analyt ical Empower ment Pt y Lt d) .
But t on A cont rol t hat t riggers a macr o.
Cal cul at i on Er r or s Errors result ing from calculat ions not corr ect ly repr esent ing t he
relat ionships t hat t he model developer int ended t o represent .
Cal cul at i on
Met hodol ogy
Refer s t o whet her t he spr eadsheet applicat ion is calculat ing manually or
aut omat ically.
Cel l ( Range) One ( or more) of t he ent ry boxes t hat make up worksheet s wit hin a
workbook.
Cel l Cont ent I nformat ion or dat a t hat is cont ained wit hin a cell. Cell cont ent must be
eit her const ant , formula or mixed.
Cel l Dat a Any dat a locat ed wit hin a cell or cell range.
Cel l Li nk The cell which is linked t o a cont rol and ret urns a value represent at ive of
t he opt ion chosen wit hin t he cont rol.
Cel l Pr ot ect i on The proper t y of a cell t hat det ermines whet her or not t he cell can be
modified when it s worksheet is prot ect ed.
Cel l Pur pose Whet her or not t he model developer int ends model users t o modify t he
cell. Cells must have eit her an assumpt ion or non- assumpt ion purpose.
Cel l Range More t han one cell.
Char t Sheet A sheet cont aining a char t as a st andalone obj ect .
Check ( s) Test s included in a spr eadsheet model t o det ect and indicat e t he exist ence
of errors, oper at ive sensit ivit y assumpt ions and/ or alert s. See also Error
Check, Sensit ivit y Check and Alert Check.
Check Box A cont rol which provides t he model user wit h dual choice i. e. yes / no,
off / on, et c.
Check Cel l ( s) A cell cont aining a formula t o affect an error check, sensit ivit y check or
aler t check. See also Error Check, Sensit ivit y Check and Alert Check.
Check Red Font colour recommended t o be used t o indicat e t hat a check has been
t riggered. Check Red is used primar ily as a condit ional for mat .
Check Sheet A worksheet t hat cont ains flags t o indicat e whet her a t ype of check, being
an error, sensit ivit y or alert check, has been t rigger ed. There are t hr ee
t ypes of check sheet , being er ror check sheet s, sensit ivit y check sheet s
and aler t check sheet s.
Def i ned Ter ms
Check Ty pe A cat egory of check, being eit her error check, sensit ivit y check or alert
check. See also Error Check, Sensit ivit y Check and Alert Check.
Ci r cul ar Ref er ence A formula t hat refers back t o it s own cell, eit her dir ect ly or indirect ly.
Cl i ck / ( i ng) The act ion of pressing t he lef t or right mouse but t on.
Col umn A single vert ical group of cells which is 1 cell in widt h, and is t he height of
an ent ir e worksheet .
Compat i bi l i t y The abilit y of a spreadsheet model developed in one version of a
spreadsheet applicat ion t o operat e in earlier or lat er ver sions of t he same
spreadsheet applicat ion.
Compl ex For mul ae A formula in a cell t hat can not be easily and efficient ly underst ood by t he
model user.
Depending on t he model user , a complex for mula may include one or
more of t he following at t ribut es:
- t oo many diff erent funct ions;
- t oo many different operat or s; and/ or
- t oo many diff erent references.
Condi t i onal
For mat t i ng
Cell format t ing t hat is only applied when a specified condit ion has been
met .
Const ant ( s) A numerical value, t ext , macr o generat ed value, cont rol generat ed value
( cell link) or any ot her ent ry cont ained wit hin a cell t hat is not a formula
and does not cont ain a formula. Also ref erred t o as a hard- code.
Const ant Bl ue Font colour recommended t o be used t o indicat e const ant cell cont ent .
Const ant Cel l A cell in a wor ksheet t hat cont ains a const ant .
Cont ent s Sheet A worksheet cont aining a workbook Table of Cont ent s.
Cont r ol Choosing t ools, which via an int erface allow t he select ion of one opt ion
from a defined number of opt ions.
Convent i on A met hodology or approach t hat is recommended t o implement best
pract ice spreadsheet modelling.
This met hodology or approach is universally applicable and is
recommended by t he Spr eadsheet St andards Review Board.
Cover Sheet A worksheet used t o indicat e t he st ar t of a workbook or a Sect ion or Sub-
Sect ion wit hin a workbook.
Cover Sheet Not es I nformat ive not es included on t he workbook cover sheet t o provide
guidance t o model users and ot her model developers. Also called Cover
Not es.
Dat a Numer ical values, t ext , or formulae.
Dat a Val i dat i on A met hod of cont rolling t he t ype and/ or boundaries of t he dat a ent er ed
int o a cell.
Denomi nat i on A class of one kind of unit in a syst em of quant it ies.
Denomi nat or A single denominat ion assumpt ion.
Dr ag To move anyt hing on t he scr een from it s original posit ion t o a new one.
This can include moving t oolbars, cell ranges, obj ect s, or chart s.
Dr op Dow n Box A cont rol t hat provides a drop down list of opt ions from which t he model
user can choose.
Ent r y I nt er f ace A cell, range of cells or cont rol for ent ering base or sensit ivit y
assumpt ions.
Def i ned Ter ms
Er r or A deviat ion from accuracy or correct ness wit hin a spreadsheet model. An
error may include a value err or, formula err or, assumpt ion error or out put
error.
Er r or Check ( s) Test s included in a spr eadsheet model t o det ect and indicat e t he exist ence
of errors.
Er r or Check s
Summar y
flags for all err or checks in a workbook.
Esc ( but t on) The key on a keyboard which allows you t o exit from any command or
procedur e t aking place.
Ex cel Short refer ence t o t he Microsoft Excel spr eadsheet applicat ion.
Ex panded Vi ew The recommended worksheet view in which all t he infor mat ion in t he
worksheet is displayed ( i. e. all Group Levels) .
Fi l l Col our The background colour of a cell or range of cells.
Used t o indicat e cell purpose.
Fi nanci al model A spreadsheet model t hat cont ains financial informat ion.
Fi nanci al Model l i ng The process of developing or using a financial model.
Fl ag A formula r et urning a 1 ( posit ive r esult ) or 0 ( negat ive result ) depending
on whet her or not an error , sensit ivit y or alert has been det ect ed in t he
under lying workbook.
Font Col our The colour of any charact er wit hin a cell or r ange of cells.
Used t o indicat e cell cont ent .
For ecast A t ime series which proj ect s from a st ar t dat e int o t he fut ure.
For m See Cont rol.
For mat or
For mat t ed
A single proper t y of a cell or ot her obj ect t hat affect s it s out ward
appearance.
For mul a An equat ion t hat performs calculat ions, including a funct ion or
mat hemat ical operat or t hat does not include a const ant .
For mul a Bl ack Font colour recommended t o be used t o visually ident ify a cell as having
formula cont ent .
For mul a Ref er ence A cell or range referenced wit hin a for mula.
Fr ozen panes When a worksheet has panes ( sect ions) which do not move regardless of
t he act ive select ion on t he worksheet .
Funct i on Predefined formulas cont ained wit hin Excel t hat perform calculat ions by
using specific values/ argument s in a specific order.
Gener al Sheet A sheet t ype t hat can only be included once in each spreadsheet model.
General Sheet s include t he Workbook Cover Sheet and Cont ent s Sheet .
Gr oup Box A cont rol t hat can be used t o group ot her cont rols ( usually opt ion
but t ons) .
Gr oup Lev el A level of grouping t hat has been applied t o a row or column of a
worksheet .
Har d- Code( d) A numerical value, t ext , macr o generat ed value, cont rol generat ed value
( cell link) or any ot her ent ry cont ained wit hin a cell t hat is not a formula
and does not cont ain a formula. Also ref erred t o as a Const ant .
Headi ng A subj ect capt ion for a workbook, sheet , range, cell or obj ect in a
spreadsheet model. Also refer red t o as Tit le or Label.
Def i ned Ter ms
Hel p Fi l e A file of informat ion t o assist model users and model developers wit h how
t o underst and and operat e a spreadsheet model.
Hy per l i nk ( s) or
Hy per l i nk ed
A link locat ed wit hin a workbook which, when act ivat ed, moves t he act ive
cell t o anot her worksheet in t he same workbook, a different workbook, or
anot her area on t he same worksheet .
Hy per l i nk Cel l
Ref er ence
The cell or range of cells referenced by a hyperlink.
Hy per l i nk Pl um Font colour recommended t o be used t o indicat e a hyper link wit hin a cell.
I n Cel l Dr op Dow n
Li st
A form of drop down box cont rol t hat is insert ed via dat a validat ion and
cont ained wit hin a cell.
I nact i v e Assumpt i on
Cel l
An assumpt ion cell t hat is current ly irrelevant for out put s as a
consequence of a prevailing assumpt ion in anot her assumpt ion ent ry
int erface.
I ndi cat i ng A t echnique involving t he use of format s, st yles and condit ional format t ing
used t o ensure t hat cell purpose, cont ent and errors are always
communicat ed t o model user s and ot her model developers.
I nput Range A worksheet range t hat provides lookup dat a for drop down boxes or list
boxes.
I nt eger A non- decimal number, e. g. 10.
I nt er f ace Cont r ol
Concept
Requires t hat model developers use every possible met hod of cont rolling
t he assumpt ion t o be ent ered or modified by model users.
Key boar d The implement wit h which you t ype on your comput er .
Key boar d Shor t cut A combinat ion of keyboard keys which call a menu command.
Label ( s) A subj ect capt ion for a workbook, sheet , range, cell or obj ect in a
spreadsheet model. Also refer red t o as Heading or Label.
Li nk ( s) or Li nk ed A reference wit hin a for mula t hat refer s t o a cell or range of cells t hat is
locat ed on anot her worksheet or in anot her workbook.
Li st Box A cont rol t hat is similar t o a drop down box, but can display more t han
one opt ion in view at all t imes.
Locat i on A cell ref erence or named posit ion wit hin a worksheet . Also referred t o as
Posit ion.
Lock ed Allows or prevent s a cell ( or ot her obj ect ) f rom being changed when it s
sheet is prot ect ed.
Look up Range A lookup t able range on a lookup sheet .
Look up Dat a Dat a for use in cont rols / for ms and in wor ksheet formulae.
Look up Sheet A worksheet cont aining Lookup Tables.
Look up Tabl e A t able in t he form of a worksheet range ( usually a Column Array)
cont aining dat a for use in cont rols / forms and in worksheet formulae.
Macr o A macro is a series of commands and funct ions t hat are st ored in a
Microsoft Visual Basic component and can be called on command from
wit hin a workbook.
Mi x ed Cel l A cell t hat cont ains a combinat ion of const ant and formula cell cont ent .
Mi x ed Cel l Gr een Font colour recommended t o be used t o indicat e mixed cell cont ent .
Model Devel oper A person involved in t he const ruct ion of a spreadsheet model and t he
derivat ion of t he underlying calculat ions.
Def i ned Ter ms
Model Ex por t I nformat ion r eferenced by an ext er nal linked workbook.
Model Ex por t Sheet A worksheet of any t ype t hat cont ains worksheet ranges t hat are
referenced by formula in anot her workbook ( i. e. export s informat ion t o
anot her workbook) .
Model I mpor t I nformat ion sourced from an ext er nal linked workbook.
Model I mpor t Sheet A worksheet of any t ype t hat cont ains formula t hat ref erences worksheet
ranges in anot her workbook ( i. e. import s informat ion from anot her
workbook) .
Model Name The name of a workbook. Ent ered on t he General Cover Sheet and
referenced by formula on ever y ot her worksheet .
Model Out put ( s) Any component of a worksheet t hat is not an assumpt ion. Also referred t o
as Out put ( s) .
Model Schemat i c A diagrammat ic represent at ion of a spreadsheet models logic, st ruct ure,
or concept s.
Model Schemat i c
Sheet
A worksheet cont aining Model Schemat ics.
Model User A person who relies upon out put from a spreadsheet model for various
purposes, oft en t o analyse or gain an under st anding of t he area being
modelled or t o provide t hem wit h assist ance in decision making.
Model / ( l i ng) The process of developing or using spr eadsheet models.
Model l er See Model Developer .
Mul t i pl e Ar ea Ar r ay Mult iple area worksheet range.
Navi gat e To move around a spreadsheet model or bet ween mult iple spreadsheet
models.
Non- Assumpt i on Any component of a worksheet t hat is not an assumpt ion. Also referred t o
as Out put .
Not e( s) Descr ipt ive inf ormat ion and comment ary cont ained wit hin a spreadsheet
model t o infor m model user s and ot her model developers.
Oper at i ve
Sensi t i vi t y
Assumpt i on( s)
Sensit ivit y assumpt ions t hat are causing differences bet ween base case
out put and sensit ivit y case out put .
Opt i on But t on A cont rol t hat provides a choice bet ween mut ually exclusive opt ions.
Or i ent at i on The way in which a worksheet will print . This can be eit her landscape or
port rait .
Out put ( s) Any component wit hin a workbook t hat is not an assumpt ion.
Out put Cel l A cell in a wor ksheet t hat does not cont ain an assumpt ion.
Out put Sheet A sheet of any t ype t hat does not cont ain assumpt ions.
Out put - Based
Sensi t i vi t y
Sensit ivit y assumpt ions t hat do not correspond t o specific base
assumpt ions and t herefore analyse t he sensit ivit y of one model out put ( or
set of model out put s) t o anot her model out put ( or set of model out put s) .
Per i od Any st at ed division or lengt h of t ime.
Per i od Ti t l es Labels which display t he dat e or period for each point in t ime t hat is being
analysed in a Time Ser ies Model.
Per i odi ci t y The frequency of t he per iods analysed in a Time Ser ies Model - i. e. usually
annual, semi- annual, mont hly or quart erly.
Def i ned Ter ms
Suf f i x ( Sheet
Nami ng)
A short , informat ive t ext st ring added t o t he end of a sheet name t o
indicat e t he t ype of t he sheet .
Posi t i on A cell ref erence or named posit ion wit hin a worksheet . Also referred t o as
Locat ion.
Pr ef i x ( Range
Nami ng)
A short , informat ive t ext st ring added t o t he st art of a range name t o
indicat e t he t ype or purpose of t he range.
Pr esent at i on
Out put ( s)
The cont ent of a Present at ion Sheet .
Pr esent at i on Sheet A sheet t hat is included in a workbook in order t o present out put which is
necessarily exempt from t he st andards and convent ions in order t o meet
aest het ic or corporat e requirement s.
Pr i nt Scal i ng The proper t y of a sheet t hat det er mines t he size of it s cont ent s when
print ed.
Pr i nt Vi ew The recommended worksheet view in which a worksheet should be pr int ed
( displaying Group Levels 1 and 2) . Generally only displays informat ion
t hat is int ended t o be print ed.
Pr ot ect i on or
Pr ot ect ed
Tools used t o prot ect t he workbook and/ or it s sheet s t o limit and/ or
cont rol t he act ions of model users.
Pur pose- Based
For mat t i ng
The consist ent use of dist inct format s t o clearly and logically dist inguish
t he different component s of a workbook and it s worksheet ranges by
purpose ( and oft en also by cont ent ) .
Range See cell range.
Range Name A t ext st r ing assigned t o a worksheet range t hat can be used as a formula
reference in place of t he addr ess of t he range.
Range Nami ng Key A key or legend t hat explains t he range naming ( pr efixing) syst em used
Read- Onl y When a worksheet or workbook cannot be modified, only viewed.
Row A single horizont al group of cells which is a worksheet widt h wide and 1
cell long.
Runni ng Case The out put case from a model when bot h base assumpt ions and sensit ivit y
assumpt ions are operat ive. Differs from t he base case as a result of t he
impact of sensit ivit y assumpt ions.
Schemat i c( s) A t ree diagram represent at ion cont ained wit hin a spreadsheet model. See
also Model Schemat ic and Workbook Schemat ic.
Scr ol l The act ion of moving t he slide bar in a scr oll bar up / down or left / right .
Scr ol l Bar A cont rol t hat is similar t o a spin but t on but displays a visual
represent at ion of t he select ed number relat ive t o t he specified set of
numbers.
Secondar y Sheet
Nami ng Suf f i x
A suffix appended t o a sheet t ab ( in addit ion t o a sheet t ype naming
suffix) t o indicat e any sub- classificat ion of a sheet .
Sect i on Sheet s wit hin a workbook t hat have been grouped ( locat ed) t oget her.
Sect i on Cover Sheet A Cover Sheet used t o indicat e t he st art of a sect ion wit hin a workbook.
Sect i on Cover Sheet
Not es
I nformat ive not es included on t he sect ion cover sheet s t o provide
guidance t o model users and ot her model developers.
Sect i on Ti t l e The sheet t it le of a Sect ion Cover Sheet .
Sensi t i vi t y Anal y si s The analysis of t he sensit ivit y of t he out put of a spreadsheet model t o
changes in it s base assumpt ions ( using sensit ivit y assumpt ions) .
Def i ned Ter ms
Sensi t i vi t y
Assumpt i on
An ent ry int o a workbook t hat drives running case out put s ( out put t hat
includes t he impact s of bot h base assumpt ions and sensit ivit y
assumpt ions) .
Sensi t i vi t y
Assumpt i on Sheet
An Assumpt ion Sheet used t o collect sensit ivit y assumpt ions.
Sensi t i vi t y Check ( s) Test s included in a spr eadsheet model t o det ect and indicat e t he exist ence
of operat ive sensit ivit y assumpt ions.
Sensi t i vi t y Check s
Summar y
flags for all sensit ivit y checks in a workbook.
Sheet A worksheet or chart sheet in a workbook.
Sheet Cont ent Relat es t o t he t ype of infor mat ion t hat is cont ained wit hin a sheet . Sheet
cont ent det er mines sheet t ype.
Sheet Lef t Hy per l i nk A hyperlink t hat moves t he act ive cell t o t he left of t he act ive sheet .
Sheet Name The descr ipt ive t ext insert ed on a sheet t ab indicat ing what t he sheet
cont ains.
Sheet Nami ng Key A key or legend t hat explains t he sheet naming ( suff ixing) syst em used
Sheet Pr ot ect i on Prevent s t he modificat ion of any locked component s wit hin a worksheet
wit hout ( password) consent being grant ed.
Sheet Pur pose Whet her or not assumpt ions will be ent ered int o t he sheet . Sheet s must
have eit her an assumpt ion or non- assumpt ion ( Out put ) pur pose.
Sheet Ri ght
Hy per l i nk
A hyperlink t hat act ivat es t he worksheet t o t he right of t he act ive sheet .
Sheet Tab The t ab posit ioned at t he bot t om of t he workbook which can be used t o
navigat e bet ween t he sheet s in a workbook.
Sheet Ti t l e The t ext displayed in t he t op / left corner of a worksheet t hat describes
t he infor mat ion wit hin t hat sheet .
Sheet Top Hy per l i nk A hyperlink t hat moves t he act ive cell t o t he t op lef t of t he act ive
worksheet .
Sheet Ty pe One of t he eight sheet t ypes as st at ed in BPMS 1- 3 Sheet Cont ent .
Sheet Ty pe Nami ng
Suf f i x
A suffix appended t o a sheet t ab t o indicat e t he t ype of t he under lying
sheet .
Shor t cut Key The under lined let t er in a menu / submenu / sub submenu / opt ions name
which indicat es it s keyboard short cut when combined wit h t he Alt key.
Sl i de Bar The block which moves from left t o r ight , or from up t o down in a scroll
bar.
Sour ci ng The process of leading model user s or developers t o t he source of
det ect ed error s and/ or sensit ivit ies.
Spi n But t on A cont rol used t o spin t hrough a specified set of number s i.e. 1 100.
Spr eadsheet A program for organising numer ical dat a in t abular format s allowing rapid
calculat ions wit h changing variables.
Spr eadsheet Model A t heor et ical const r uct in a spreadsheet t hat represent s numer ical
processes by a set of variables and a set of logical and quant it at ive
relat ionships bet ween t hem. A spreadsheet model may be a workbook or
group of linked workbooks.
Spr eadsheet
Model l er
See Model Developer .
Def i ned Ter ms
St andar d A met hodology or approach t hat is required t o implement Best Pract ice
This met hodology or approach is universally applicable and is t he best way
t o develop Best Pract ice spreadsheet models.
St y l e A collect ion of pre- det er mined format s consist ent ly applied t o cells or
ot her obj ect s.
Sub- Sect i on Sheet s wit hin a sect ion t hat have been grouped ( locat ed) t oget her .
Sub- Sect i on Cover
Sheet
A Cover Sheet used t o indicat e t he st art of a sub- sect ion wit hin a
workbook.
Sub- Sect i on Ti t l e The sheet t it le of a Sub- Sect ion Cover Sheet .
( Sheet )
A summary of t he sect ion, sub- sect ion and sheet t it les cont ained wit hin a
workbook.
Ti me Ser i es Anal y si s Analysis under t aken over more t han one sequent ial per iod of t ime.
Ti me Ser i es
Assumpt i on Sheet
A t ime series sheet t hat cont ains one or more assumpt ions.
Ti me Ser i es Analysis of values across mult iple t ime periods wher e t he t ime per iods can
be hist or ical or forecast .
Ti me Ser i es
Assumpt i ons
Assumpt ions used as t he basis for calculat ing t he t ime ser ies per iod labels
used when undert aking t ime series analysis, including t he model st art
dat e assumpt ion.
Ti me Ser i es
Common
Assumpt i ons
Conversion fact ors and t ime const ant s ut ilised in most Time Series Models.
Ti me Ser i es Model A workbook or group of linked workbooks t hat analyses number s over
more t han one sequent ial per iod of t ime. A Time Ser ies Model includes
more t han one period and as such requires dat e and t ime assumpt ions
and period labels.
Ti me Ser i es Out put
Sheet
A t ime series sheet t hat does not cont ain assumpt ions.
Ti me Ser i es Sheet A worksheet t hat analyses dat a over more t han one per iod of t ime i. e. a
t ime series sheet includes more t han one period and as such requires
period labels.
Sub- classified as eit her a t ime ser ies assumpt ion sheet or a t ime series
out put sheet depending on whet her or not t he sheet cont ains
assumpt ions.
Ti t l e A subj ect capt ion for a workbook, sheet , range, cell or obj ect in a
spreadsheet model. Also refer red t o as Heading or Label.
Uncheck The act ion of de- select ing a check box and t herefore making t he cell link
ret ur n a FALSE value.
Val ue Er r or An error t hat is displayed as t he result of a formula in a cell. I ncludes
# N/ A, # VALUE! , # REF! , # DI V/ 0! , # NUM! , # NAME?, and # NULL! .
Vi ew Ty pe The manner in which sheet s are viewed in a workbook e. g. normal view,
page break preview, et c.
WI P Yel l ow The fill colour recommended t o be use t o indicat e work in progress ranges.
Wor k book A file t hat cont ains one or more sheet s.
Wor k book Cover
Sheet
A Cover Sheet used t o indicat e t he st art of a workbook.
Wor k book Prevent s a wor kbook and/ or sheet s from being opened and/ or modified
Def i ned Ter ms
Pr ot ect i on wit hout ( password) access being grant ed.
Wor k book
Schemat i c
A Model Schemat ic used t o convey informat ion about mult iple linked
workbooks.
Wor k book St r uct ur e
Pr ot ect i on
Prevent s changes being made t o t he st ruct ure of a workbook ( i. e. t he
removal, addit ion, hiding or unhiding of sheet s) wit hout ( password)
consent being given.
Wor k I n Pr ogr ess Cont ent wit hin a workbook which remains subj ect t o final review by t he
model developer.
Wor k sheet A sheet which consist s of rows and columns, and t herefore cont ains cells.
St andar ds Li st i ng
Appendix 1.
St andards List ing
SMA 1. Gener al Concept s
BPMS 1- 1 Workbook Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
BPMS 1- 2 Sheet Classificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
BPMS 1- 3 Sheet Cont ent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
BPMS 1- 4 Sheet Purpose. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
BPMS 1- 5 Cell Classificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
BPMS 1- 6 Cell Cont ent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
BPMS 1- 7 Cell Purpose. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
BPMS 1- 8 Assumpt ion Classificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
BPMS 1- 9 Assumpt ion Cell Cont ent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
SMA 2. Wor k book St r uct ur e
BPMS 2- 1 Workbook Cover Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
BPMS 2- 2 Workbook Sect ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
BPMS 2- 3 Sect ion Cover Covers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
BPMS 2- 4 Table of Cont ent s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
BPMS 2- 5 Table of Cont ent s I nformat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
BPMS 2- 6 Workbook Navigat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
SMA 3. Sheet St r uct ur e
BPMS 3- 1 Sheet Tit les . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
BPMS 3- 2 Sheet Type Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
BPMS 3- 3 Grouping Rows or Columns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
SMA 4. For mat s & St y l es
BPMS 4- 1 Format s and St yles Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
BPMS 4- 2 Worksheet Dat a Alignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
BPMS 4- 3 Denominat ion I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
BPMS 4- 4 Workbook Denominat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
BPMS 4- 5 Hyperlink Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
BPMS 4- 6 Work in Progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
SMA 5. Assumpt i on Ent r y I nt er f aces
BPMS 5- 1 Assumpt ions Locat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
BPMS 5- 2 No Assumpt ion Repet it ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
BPMS 5- 3 Cont rol Cell Link Placement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
BPMS 5- 4 Cont rol Lookup Dat a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
BPMS 5- 5 I n- Cell Drop Down List s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
SMA 6. Sensi t i v i t y Anal y si s
BPMS 6- 1 Separat e Sensit ivit y Assumpt ion Sheet s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
BPMS 6- 2 Sheet Type for Sensit ivit y Assumpt ion Ent ry I nt erfaces . . . . . . . . . . . . . . . . . . 32
BPMS 6- 3 Separat e Sensit ivit y Assumpt ion Ent ry I nt erfaces . . . . . . . . . . . . . . . . . . . . . . . . . . 32
SMA 7. Out put s & Pr esent at i ons
BPMS 7- 1 Segregat ion of Out put s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
BPMS 7- 2 Present at ion Sheet s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
BPMS 7- 3 Present at ion Sheet Usage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
SMA 8. Cal cul at i on For mul ae
BPMS 8- 1 Consist ent Formulae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
BPMS 8- 2 No Assumpt ions in Mixed Cell Cont ent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
BPMS 8- 3 Circular References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
SMA 9. Nami ng Pr i nci pl es
BPMS 9- 1 Workbook Naming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
BPMS 9- 2 Sheet Naming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
BPMS 9- 3 Range Naming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
BPMS 9- 4 St andardised Naming Prefixes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
SMA 10. Ti me Ser i es Anal y si s
BPMS 10- 1 Time Series Assumpt ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
BPMS 10- 2 Time Series Period Labels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
BPMS 10- 3 Time Series Period End Dat es . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
BPMS 10- 4 Time Series Periodicit y I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
BPMS 10- 5 Time Series Number of Periods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
BPMS 10- 6 Time Series Sheet Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
SMA 11. Check s
BPMS 11- 1 Checks Classificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
BPMS 11- 2 Error Checks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
BPMS 11- 3 Sensit ivit y Checks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
BPMS 11- 4 Alert Checks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
BPMS 11- 5 Error Checks Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
BPMS 11- 6 Sensit ivit y Checks Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
BPMS 11- 7 Alert Checks Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
BPMS 11- 8 Check I ndicat or Flag . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
BPMS 11- 9 Check Cell Format t ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
BPMS 11- 10 Dedicat ed Checks Summaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
SMA 12. Pr i nt i ng & Vi ew i ng
BPMS 12- 1 Table of Cont ent s Page Numbers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
BPMS 12- 2 Sheet Page Numbers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
BPMS 12- 3 Page Margin Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
BPMS 12- 4 Print View Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
BPMS 12- 5 Page View Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
BPMS 12- 6 Worksheet View Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
SMA 13. Mul t i pl e Wor k book s
BPMS 13- 1 Ext ernal Workbook I mport s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
BPMS 13- 2 Ext ernal Workbook Export s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
BPMS 13- 3 Workbook Out put Links . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
SMA 14. Secur i t y and Pr ot ect i on
No st andards in Spreadsheet Modelling Area.
SMA 15. Vi sual Basi c Pr ogr ammi ng
No st andards in Spreadsheet Modelling Area.
SMA 16. Mi scel l aneous
BPMS 16- 1 Aut omat ic Calculat ion Set t ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Conv ent i ons Li st i ng
Appendix 2.
Convent ions List ing
SMA 1. Gener al Concept s
BPMC 1- 1 Sheet Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
BPMC 1- 2 Sheet Purpose I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
BPMC 1- 3 Cell Cont ent I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
BPMC 1- 4 Cell Purpose I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
BPMC 1- 5 Mixed Cell Except ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
SMA 2. Wor k book St r uct ur e
BPMC 2- 1 Workbook Sect ion St ruct ure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
SMA 3. Sheet St r uct ur e
BPMC 3- 1 Sheet Cont ent Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
BPMC 3- 2 Hyperlinks in Worksheet s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
BPMC 3- 3 No Chart Sheet s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
BPMC 3- 4 Workbook Cover Sheet Cont ent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
BPMC 3- 5 Workbook Cover Sheet Not es . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
BPMC 3- 6 Sect ion Cover Sheet Cont ent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
BPMC 3- 7 Sect ion Cover Sheet Not es . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
BPMC 3- 8 Limit ing Worksheet Dept h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
BPMC 3- 9 Freezing Panes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
BPMC 3- 10 Grouping Levels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
BPMC 3- 11 Heading I ndent at ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
SMA 4. For mat s and St y l es
BPMC 4- 1 Use of Purpose- Based St yles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
BPMC 4- 2 Cell Dat a Alignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
BPMC 4- 3 Work in Progress I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
BPMC 4- 4 Hyperlink Format s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
SMA 5. Assumpt i on Ent r y I nt er f aces
BPMC 5- 1 Prevent ing I nvalid Assumpt ion Ent ries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
BPMC 5- 2 Assumpt ion Ent ry I nt erfaces . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
BPMC 5- 3 Cont rolling Assumpt ion Ent ry I nt erfaces . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
BPMC 5- 4 No Heading, Tit le or Label Repet it ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
BPMC 5- 5 Cont rol Cell Link Range Names . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
BPMC 5- 6 Use of Check Box Cont rols . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
BPMC 5- 7 Use of But t on Cont rols . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
BPMC 5- 8 Use of Drop Down Box or List Box Cont rols . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
BPMC 5- 9 Use of Spin But t on or Scroll Bar Cont rols . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
BPMC 5- 10 Dat a Validat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
BPMC 5- 11 Condit ional Format t ing of Assumpt ion Cells . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
BPMC 5- 12 Visual I dent ificat ion of I nact ive Assumpt ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
SMA 6. Sensi t i v i t y Anal y si s
BPMC 6- 1 Sensit ivit y Assumpt ion Ent ry I nt erface St ruct ure . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
SMA 7. Out put s & Pr esent at i ons
BPMC 7- 1 Separat e Out put Workbooks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
BPMC 7- 2 Out put Sect ion St ruct ure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
BPMC 7- 3 Out put Worksheet Summaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
SMA 8. Cal cul at i on For mul ae
BPMC 8- 1 Avoid Complex Formulae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
BPMC 8- 2 Complex Formulae Schemat ics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
BPMC 8- 3 Mult iple Funct ion Formulae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
SMA 9. Nami ng Pr i nci pl es
BPMC 9- 1 Workbook Name Display . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
BPMC 9- 2 File Name Visibilit y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
BPMC 9- 3 Sheet Type Naming Suffixes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
BPMC 9- 4 Secondary Sheet Naming Suffixes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
BPMC 9- 5 Sheet Naming Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
BPMC 9- 6 Range Naming Prefixes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
BPMC 9- 7 Range Naming Key. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
BPMC 9- 8 Range Naming Conflict s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
SMA 10. Ti me Ser i es Anal y si s
BPMC 10- 1 Time Series Const ant s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
BPMC 10- 2 No Mixing of Periodicit ies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
BPMC 10- 3 Mult iple Periodicit ies in One Workbook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
BPMC 10- 4 Time Series Dat a Direct ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
SMA 11. Check s
BPMC 11- 1 Linking Checks t o Model Name Ent ry Cell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
BPMC 11- 2 Check Cell Condit ional Format t ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
BPMC 11- 3 Check Calculat ion Locat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
BPMC 11- 4 Check Type Summary Cell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
SMA 12. Pr i nt i ng & Vi ew i ng
BPMC 12- 1 Workbook Print Scaling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
BPMC 12- 2 Print ed I nformat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
SMA 13. Mul t i pl e Wor k book s
BPMC 13- 1 Workbook- Specific Model I mport and Export Sheet s . . . . . . . . . . . . . . . . . . . . . . . 56
BPMC 13- 2 Model I mport and Export Sheet Consist ency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
BPMC 13- 3 No Complex Formulae on Model I mport Sheet s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
BPMC 13- 4 Model I mport and Export Sect ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
BPMC 13- 5 Mult iple Workbook Diagrams . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
SMA 14. Secur i t y and Pr ot ect i on
BPMC 14- 1 Workbook Pr ot ect ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
BPMC 14- 2 Prot ect ion of Non- Assumpt ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
BPMC 14- 3 Sheet and Cell Prot ect ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
BPMC 14- 4 No Unnecessary Passwords . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
BPMC 14- 5 St oring Passwords . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
SMA 15. Vi sual Basi c Pr ogr ammi ng
BPMC 15- 1 Recording Macros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
SMA 16. Mi scel l aneous
BPMC 16- 1 Model Developer I dent ificat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
BPMC 16- 2 Emphasising I nformat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
BPMC 16- 3 Help Files and I nst ruct ions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Open Li cence Agr eement
Appendix 3.
Open Licence Agreement
64BBack gr ound
a) SSRB is t he I nt ellect ual Propert y Right s holder of various it ems of Foundat ion Mat erial.
b) SSRB act s as t he Cust odian of t he Foundat ion Mat erial and is responsible for grant ing licences t o You
t o enable You t o use and adapt t he Foundat ion Mat er ial.
c) You are per mit t ed t o use and adapt t hat Foundat ion Mat er ial on t he t erms of t his Agreement .
d) Any licence t hat You may grant t o any person t o adapt or modify Your adapt at ion of t he Foundat ion
Mat er ial will be on t he t er ms of t his Agreement .
e) BY ACCESSI NG THE FOUNDATI ON MATERI AL YOU AGREE THAT YOUR USE OF THAT FOUNDATI ON
MATERI AL I S GOVERNED BY THE TERMS AND CONDI TI ONS OF THI S AGREEMENT.
65BOPERATI VE PROVI SI ONS
1. Def i ni t i ons
I n t his Agr eement :
Act s means t he ( Aust ralian) Trade Pract ices Act 1974 ( Ct h) and ot her consumer prot ect ion legislat ion in
force from t ime t o t ime;
Agr eement means t his agr eement including ( if any) t he r ecit als, schedules and annexures;
Cl ai m means any demand, claim, suit , act ion, liabilit y or any ot her r emedy act ual, cont ingent or
ot herwise;
Cont r i but or means each ent it y t hat cr eat es or cont r ibut es t o t he cr eat ion of a Cont ribut or Adapt at ion,
but does not include any Owner or t he Cust odian;
Cont r i but or Adapt at i on means any adapt at ion ( including any t ranslat ion, der ivat ive, or amendment ,
or any incorporat ion int o or combinat ion wit h ot her mat erial) of t he st ruct ure or subst ance of eit her t he
Foundat ion Mat erial or any pr evious Cont r ibut or Adapt at ion, in any form and in any media and includes
any part t hereof. For t he Avoidance of doubt t his includes any Modificat ion;
Cust odi an means SSRB or such ot her par t y as may replace SSRB from t ime t o t ime;
Di st r i but e means t o make available by any means and in any media and a reference t o Di st r i but i on
means t he same;
Foundat i onal For m means:
a) in relat ion t o t he Schema, Microsoft Word Format ( . doc) ;
b) in relat ion t o t he Guides t he form in which t he Guides are made available by t he Cust odian from t ime
t o t ime; and
c) any ot her per mit t ed form, including online digit al forms, as advised by t he Cust odian on t he websit e
locat ed at www. ssrb. org from t ime t o t ime;
Foundat i on Mat er i al means t he Schema and Guides or any part of any of t hem. A refer ence t o t he
Foundat ion Mat erial of an Owner means t hose it ems of t he Foundat ion Mat er ial t hat per t ain t o t hat
Owner unless ot herwise expr essly st at ed;
Gui de means t he document ent it led Best Pr act ice Spreadsheet Modelling St andards, explaining t he
operat ion of t he Schema, available at www. ssrb. org or www. best pract icemodelling.com and any
Modificat ions t hat may be made t o t hem from t ime t o t ime and which are incorporat ed int o t hem by t he
Cust odian;
I nt el l ect ual Pr oper t y Ri ght s means:
a) all r ight s under pat ent law, copyright law, t r ademark law, design pat ent or indust r ial design law,
semi- conduct or chip or mask work law, t rade secret law, or any ot her st at ut ory provision or common
law principle applicable t o any of t he subj ect mat t er of t his Agreement which may provide a right in
eit her ( i) ideas, formulae, algorit hms, concept s, invent ions, t echnologies, soft ware, dat a
compilat ions, drawings, specificat ions, confident ial business informat ion, procedures or know- how
generally, including t rade secr et s or ( ii) t he expression or use of such ideas, formulae, algorit hms,
concept s, invent ions t echnologies, soft ware, dat a compilat ions, drawings, specificat ions, confident ial
business infor mat ion, procedures or know- how; and
b) all applicat ions, regist rat ions, licences, sub- licences, franchises, agr eement s or any ot her evidence of
a right in any of t he foregoing;
Loss means any loss, damage, cost or expense;
Modi f i cat i on means an amendment in t he Foundat ional Form ( including by addit ion, alt erat ion,
subt ract ion, re- ordering or reorganisat ion of mat erial) t o any of t he Foundat ion Mat erial;
Ow ner means t he owner of t he I nt ellect ual Propert y Right s in Foundat ion Mat erials, being:
a) SSRB; and
b) any ot her person not ified by SSRB t o You fr om t ime t o t ime;
and a reference t o Ow ner s in t he plural is a reference t o each of t hem severally;
Schema means t he document ent it led Best Pract ice Spreadsheet Modelling St andards available at
www. ssrb. org or www. best pr act icemodelling. com;
SSRB means Best Pract ice Modelling ( BPM Analyt ical Empowerment Pt y Lt d and it s associat ed ent it ies)
and it s respect ive successors and permit t ed assigns;
You ( or Your ) means a nat ural per son or any ot her ent it y exercising right s under t his Agreement .
2. Li cence
2. 1 Li cence by Cust odi an
a) Subj ect t o t he t er ms of t his Agreement , t he Cust odian grant s You a non- exclusive right t o use,
reproduce, edit , adapt , display and communicat e it s Foundat ion Mat erial for t he purpose of making
Cont ribut or Adapt at ions.
b) You may sell, license and ot herwise deal wit h such Cont r ibut or Adapt at ions subj ect t o t he t er ms of
t his Agreement .
2. 2 Appr ov ed Sof t w ar e Pack ages
Not wit hst anding t he scope of t he licence grant in clause 2. 1( b) , you must not , wit hout t he writ t en
consent of t he Cust odian, cr eat e, sell, licence or ot herwise deal wit h a soft ware package based upon t he
Foundat ion Mat erial ot herwise t han for int er nal use wit hin your business.
2. 3 Li cence by Cont r i but or s
a) Each Cont r ibut or who grant s You any right s t o adapt , amend, edit or alt er in any way any Cont r ibut or
Adapt at ion, gr ant s You t hose right s on t he t erms of t his Agreement .
b) A Cont ribut or may impose ot her t erms on You in relat ion t o t he licence of it s Cont r ibut or Adapt at ion,
but t hose right s must not in any way limit , modify, preclude or conflict wit h t he t erms of, or
compliance wit h, t his Agreement .
3. Modi f i cat i ons
3. 1 Cr eat i on of Modi f i cat i ons
a) I f You creat e or cont r ibut e t o a Modificat ion ( whet her or not as part of a larger Cont r ibut or
Adapt at ion) , t hen You must prompt ly deliver t he Modificat ion t o t he Cust odian by sending it via email
t o proposals@ssrb. org.
b) I f You creat e or cont r ibut e t o a Cont ribut or Adapt at ion which includes or produces mat erial t hat could
be t ranslat ed, expressed, decoded or int erpr et ed as a Modificat ion, t hen r egardless of t he form,
language, program or medium in which t he Cont ribut or Adapt at ion was creat ed you must :
i) t ranslat e, expr ess, decode or int erpret t hat mat erial int o t he Foundat ional For m t o produce t he
Modificat ion; and
ii) prompt ly deliver t he Modificat ion t o t he Cust odian in accor dance wit h clause 3.1( a) .
c) All Modificat ions deliver ed in accordance wit h t his clause must cont ain or be accompanied by
sufficient infor mat ion t o indicat e t he way in which t he Modificat ion funct ions in relat ion t o, and
connect s wit h, t he Foundat ion Mat er ial.
3. 2 Ow ner shi p of Modi f i cat i ons
a) Upon it s creat ion pursuant t o clause 3.1( a) or 3.1( b) , a Modificat ion will be t he I nt ellect ual Proper t y
Right s of t he Cust odian and may be incorporat ed int o t he Foundat ion Mat er ial t o which it r elat es at
t he discret ion of t he Cust odian.
b) For t he avoidance of doubt , You hereby irrevocably assign all right s, t it le and int er est in all
Modificat ions ( including all fut ure copyright by way of present assignment ) t hroughout t he world in
perpet uit y t o t he Cust odian.
c) To t he ext ent t hat You have any moral r ight s in any Modificat ion You consent for t he benefit of t he
Cust odian, t heir licensees and assigns, t o do t hose act s or omissions t hat may be necessary t o
enable t he full enj oyment and exploit at ion of t he Foundat ion Mat erials and in part icular you consent
t o t he modificat ion, amendment , edit ing, display, publicat ion and communicat ion of t he Modificat ion
in any way t hat t he Cust odian, it s licensees and assigns see fit and t o t he omission of any at t r ibut ion
of You as an aut hor of t he Modificat ion.
d) The Cust odian is not obliged t o use, exploit , display or in any way make public any Modificat ion, and
may elect not t o incorporat e any Modificat ion int o t he Foundat ion Mat erials.
3. 3 Li cence Back of Modi f i cat i ons
For t he avoidance of doubt , upon assignment of a Modificat ion by You t o t he Cust odian, t he Cust odian
grant s You a non- exclusive right , subj ect t o t he t er ms of t his Agreement , t o use, reproduce, edit , adapt ,
display and communicat e t he Modificat ion for t he purpose of making Cont ribut or Adapt at ions. This
licence will be on t he same t erms as t he licence of t he Foundat ion Mat er ial, whet her or not t he Cust odian
elect s t o incorporat e Your Modificat ion int o t he Foundat ion Mat erial.
4. Di st r i but i on Obl i gat i ons
4. 1 Appl i cat i on of t hi s Agr eement
a) You may only Dist r ibut e Foundat ion Mat er ial under t he t erms of t his Agr eement .
b) The Cont ribut or Adapt at ions which You cr eat e or t o which You cont r ibut e are governed by t he t er ms
of t his Agreement . You may impose ot her t erms in relat ion t o t he licence of t hose Cont r ibut or
Adapt at ions, but t hose r ight s must not in any way limit , modify, preclude or conflict wit h t he t erms
of, or compliance wit h, t his Agreement .
4. 2 Not i ce of t hi s Agr eement
Every copy of t he Foundat ion Mat er ial and every copy of each Cont ribut or Adapt at ion t hat You Dist ribut e
must be accompanied by a copy of t his Agreement in an ident ical form as t his Agreement and must
cont ain a not ice st at ing t hat t his Agreement applies t o t he Dist r ibut ed copy.
4. 3 No Repr esent at i on of Endor sement et c
You must not make any r epresent at ion, whet her writ t en or oral, t hat You have received accredit at ion
from SSRB or t hat You are endorsed, r ecommended or sponsored by SSRB unless specifically aut hor ised
by SSRB.
4. 4 Copy r i ght and Aut hor i sat i on Not i ces
Wit hout limit ing clause 4.2:
a) You must display t he following not ice in a pr ominent locat ion on any Foundat ion Mat er ial t hat You
publish or communicat e t o t he public, This document is a copy of t he aut horised version of t he Best
Pract ice Spreadsheet Modelling St andards as at 15 May 2010. Please check Hwww. ssrb. org for any
updat es t o t his document . This document is subj ect t o an Open Licence available at H H www. ssrb. orgUH
and all copyright in t his document and any derivat ion of t his document is owned by t he Spreadsheet
St andards Review Board.
b) You must display t he following not ice in a pr ominent locat ion on any Modificat ion of t he Foundat ion
Mat er ial t hat you publish or communicat e for you int ernal business purposes or t o t he public, This
document is based upon t he Best Pract ice Spreadsheet Modelling St andar ds as at 15 May 2010, and
cont ains modificat ions NOT AUTHORI SED BY t he Spr eadsheet St andards Review Board. This
document is subj ect t o an Open Licence available at www. ssrb. org and all copyright in t his document
and any der ivat ion of t his document is owned by t he Spr eadsheet St andar ds Review Board.
5. War r ant i es and Li abi l i t y
5. 1 War r ant y
Each Cont r ibut or warrant s and represent s t hat :
a) t he Cont r ibut or Adapt at ions t hat it cr eat es or t o which it cont ribut es ar e it s own original creat ions
and do not and will not infr inge t he I nt ellect ual Proper t y Right s of any person; and
b) Cont ribut or has sufficient capacit y, right s and aut hor it y t o grant t he r ight s conveyed under t his
Agreement .
5. 2 I ndemni t y
a) Cont ribut or will fully indemnify each of t he Owners and t he Cust odian in respect of all Loss arising
out of any Claim by any person alleging t hat a Cont r ibut or Adapt at ion creat ed or cont r ibut ed t o by
t hat Cont r ibut or infringes any I nt ellect ual Propert y Right s.
b) Cont ribut or will not be requir ed t o indemnify an Owner under clause 5. 2( a) t o t he ext ent t hat t he
alleged infringement ar ises out of t he Owners use of any part of t hat Owners Foundat ion Mat erial
ot her t han a Modificat ion cr eat ed or cont ribut ed t o by t hat Cont ribut or .
5. 3 Ack now l edgment and Ex cl usi on of War r ant i es
a) The Foundat ion Mat erial is pr ovided t o You as a work in progress and as such You acknowledge t hat
it may cont ain deficiencies. Due t o t he developing and experiment al nat ure of t he Foundat ion
Mat er ial, You are required t o make Your own invest igat ions regarding t he condit ion, accuracy,
suit abilit y, qualit y or fit ness for any purpose of t he Foundat ion Mat erial. Neit her t he Owners nor t he
Cust odian gives any express warrant ies in t his r egard, and t o t he fullest ext ent per mit t ed by law
each of t hem negat es and excludes all such condit ions, war rant ies and represent at ions t hat may be
implied.
b) You acknowledge t hat You have not relied on any represent at ion of any of t he Owners or t he
Cust odian r egarding t he condit ion and suit abilit y of t he Foundat ion Mat er ial for Your pur poses, but
have sat isfied Yourself in t his regard.
5. 4 Li abi l i t y
The Owners or t he Cust odian' s liabilit y t o You for any proven Loss or Claim arising direct ly or indir ect ly
out of t his Agr eement , whet her under st at ut e, common law ( including negligence) or ot herwise will be
limit ed t o t he following ext ent :
a) Not wit hst anding any ot her pr ovision of t his Agreement , neit her t he Owners nor t he Cust odian will be
liable for any direct or indirect lost profit or revenue, exemplary damages, delet ion or corrupt ion of
elect ronically or digit ally st ored informat ion, or wit hout limit ing t he foregoing, any indir ect or
consequent ial loss or damage howsoever described or claimed.
b) The t ot al liabilit y of all Owner s and t he Cust odian will be limit ed t o $20 for an aggregat e of all Losses
and Claims.
5. 5 Br each of I mpl i ed War r ant y
Not hing in t his Agreement excludes, rest r ict s or modifies any condit ion, warrant y, r ight or remedy which
is conferred on You by t he Act s. I f an Owner or t he Cust odian breaches a condit ion or warrant y which
has been implied by t he Act s in relat ion t o t he supply of goods or services not of a kind ordinarily
acquired for personal, domest ic or household use or consumpt ion, it s liabilit y for breach will be limit ed t o
( wher e per missible by t he Act s) :
a) I n t he case of t he supply of goods: t he replacement of t he goods or t he supply of equivalent goods,
or t he repair of t he goods, or t he payment of t he cost of replacing t he goods or of acquiring
equivalent goods, or t he payment of t he cost of having t he goods repair ed; and
b) in t he case of t he provision of services: t he supplying of t he services again, or t he payment of t he
cost of having t he services supplied again,
whichever t he Owner or t he Cust odian sees fit t o provide.
5. 6 I nt el l ect ual Pr oper t y Cl ai ms
I n t he event t hat any Claim is brought or t hreat ened against You alleging t hat Your use of any
Foundat ion Mat erial ( including as part of a Cont ribut or Adapt at ion) infringes t he I nt ellect ual Propert y
Right s of any person, or if you suspect t hat such a Claim is possible, t hen t he following provisions apply:
a) As soon as is pract icable You must not ify t he Cust odian of t hat Foundat ion Mat erial in writ ing of t he
Claim.
b) You must per mit t he Cust odian t o modify, alt er or subst it ut e t he infr inging part of t he Foundat ion
Mat er ial at it s own expense in order t o avoid cont inuing infringement , or aut hor ise t he Cust odian t o
procure for You t he aut horit y t o cont inue t he use and possession of t he infringing Foundat ion
Mat er ial.
5. 7 Cont r i but i on
A part ys liabilit y under t his Agreement will be reduced in proport ion t o t he ext ent t hat t he event s giving
rise t o t hat liabilit y are at t r ibut able t o any act or omission of t he ot her par t y, and t he ot her part y will
assume liabilit y in t hat proport ion.
c) Ter mi nat i on
6. 1 Ter mi nat i on f or Br each
a) This Agreement and all right s grant ed t o you under it will t erminat e aut omat ically if You fail t o
comply wit h any of t he t erms and condit ions cont ained her ein, and fail t o cure t he breach wit hin 14
days of becoming aware of it . Any licence of Cont ribut or Adapt at ions t hat You have properly grant ed
in accordance wit h t his Agreement will survive t er minat ion of t his Agreement .
b) Upon t erminat ion of t his Agreement You must immediat ely forward all Modificat ions t o t he Cust odian
in accordance wit h clause 3.1.
6. 2 Obl i gat i ons Sur vi ve Ter mi nat i on
Clauses 3, 5 and 7 survive t erminat ion of t his Agreement .
6. Gener al
7. 1 I nt er pr et at i on
I n t his Agr eement , unless t he cont ext requir es ot herwise:
a) t he singular includes t he plur al and vice versa;
b) a gender includes t he ot her gender s;
c) t he headings are used for convenience only and do not affect t he int erpret at ion of t his Agreement ;
d) a reference t o a document includes t he document as modified from t ime t o t ime and any document
replacing it ;
e) t he word per son includes a nat ural per son and any body or ent it y whet her incorporat ed or not ;
f) t he word mont h means calendar mont h and t he word year means 12 mont hs;
g) t he words in writ ing include any communicat ion sent by let t er, facsimile t ransmission or email;
h) a reference t o any st at ut e, pr oclamat ion, rule, regulat ion or ordinance includes any amendment ,
consolidat ion, modificat ion, r e- enact ment or reprint of it or any st at ut e, proclamat ion, rule,
regulat ion or ordinance replacing it . A refer ence t o a specified sect ion, clause, paragraph, schedule or
it em of any st at ut e, proclamat ion, rule, regulat ion or ordinance means a reference t o t he equivalent
sect ion of t he st at ut e, proclamat ion, rule, r egulat ion or ordinance which is for t he t ime being in force;
i) wherever include or any form of t hat word is used it must be const rued as if it wer e followed by
( wit hout being limit ed t o) ;
j) money amount s are st at ed in Aust ralian curr ency unless ot herwise specified; and
k) a reference t o any agency or body, if t hat agency or body ceases t o exist or is reconst it ut ed r enamed
or replaced or has it s powers or funct ions removed ( defunct body) , means t he agency or body which
performs most closely t he funct ions of t he defunct body.
7. 2 Nat ur e of Obl i gat i ons
a) Any provision in t his Agr eement which binds more t han one person binds all of t hose per sons j oint ly
and each of t hem individually.
b) Each obligat ion imposed on a part y by t his Agreement in favour of anot her is a separat e obligat ion.
7. 3 Ent i r e Under st andi ng
a) This Agreement cont ains t he ent ire under st anding bet ween t he part ies concerning t he subj ect mat t er
of t he Agreement and supersedes all prior communicat ions bet ween t he part ies.
b) Each par t y acknowledges t hat , except as expressly st at ed in t his Agreement , t hat par t y has not
relied on any r epresent at ion, warrant y or undert aking of any kind made by or on behalf of t he ot her
part y in r elat ion t o t he subj ect mat t er of t his Agreement .
7. 4 No Wai v er
A failure, delay, relaxat ion or indulgence by a part y in exer cising any power or right conferred on t he
part y by t his Agreement does not operat e as a waiver of t he power or right . A single or part ial exer cise
of t he power or right does not preclude a furt her exercise of it or t he exercise of any ot her power or
right under t his Agreement . A waiver of a breach does not operat e as a waiver of any ot her breach.
7. 5 Sever abi l i t y
I f any provision of t his Agreement offends any law applicable t o it and is as a consequence illegal, invalid
or unenforceable t hen:
a) where t he offending provision can be read down so as t o give it a valid and enforceable operat ion of
a part ial nat ur e it must be read down t o t he ext ent necessary t o achieve t hat result ; and
b) in any ot her case t he offending provision must be sever ed from t his Agr eement in which event t he
remaining provisions of t he Agreement oper at e as if t he severed provision had not been included.
7. 6 Successor s and Assi gns
This Agreement binds and benefit s t he par t ies and t heir respect ive successors and per mit t ed assigns.
7. 7 No Var i at i on
This Agreement cannot be amended or varied except in writ ing signed by t he par t ies.
7. 8 Cost s
Each par t y must pay it s own legal cost s of and incident al t o t he preparat ion and complet ion of t his
Agreement .
7. 9 Count er par t s
I f t his Agreement consist s of a number of count erpart s, each is an original and all of t he count erpar t s
t oget her const it ut e t he same document .
7. 10 Conf l i ct i ng Pr ovi si ons
I f t her e is any conflict bet ween t he main body of t his Agr eement and any schedules or annexur es
compr ising it , t hen t he provisions of t he main body of t his Agreement prevail.
7. 11 Not i ces
Any not ice or ot her communicat ion t o or by a part y t o t his Agreement :
a) may be given by personal service, post or facsimile;
b) must be in wr it ing, legible and in English;
c) t hat is from You t o SSRB must be addressed as follows:
Address: Level 5, Sout h Tower, 459 Collins St reet , Melbourne, Vict or ia, Aust ralia 3000
At t ent ion: Chair man
or t o any ot her address not ified by t he SSRB;
d) in t he case of a corporat ion, must be signed by an officer or under t he common seal of t he sender;
e) is deemed t o be given by t he sender and received by t he addressee:
i) if deliver ed in person, when delivered t o t he addressee;
ii) if post ed, 2 business days ( or 6, if addressed out side Aust r alia) aft er t he dat e of post ing t o t he
addressee whet her delivered or not ; or
iii) if sent by facsimile t ransmission, on t he dat e shown on t he t ransmission report by t he machine
from which t he facsimile was sent which indicat es t hat t he facsimile was sent in it s ent ir et y and in
legible form t o t he facsimile number of t he addressee not ified for t he purposes of t his clause,
but if t he delivery or receipt is on a day which is not a business day or is aft er 4.00 pm ( addressee' s
t ime) it is deemed t o have been received at 9. 00 am on t he next business day.
7. 12 Non Mer ger
A t er m or condit ion of, or act done in connect ion wit h, t his Agreement does not operat e as a merger of
any of t he r ight s or remedies of t he part ies under t his Agr eement and t hose right s and remedies
cont inue unchanged. Each t er m of t his Agr eement t hat has not been carr ied int o effect at t he
t er minat ion of t his Agreement survives t he t erminat ion.
7. 13 No Adver se Const r uct i on
This Agreement is not t o be const r ued t o t he disadvant age of a part y because t hat part y was responsible
for it s preparat ion.
7. 14 Fur t her Assur ances
A part y, at it s own expense and wit hin a reasonable t ime of being request ed by anot her part y t o do so,
must do all t hings and execut e all document s which ar e reasonably necessary t o give full effect t o t his
Agreement including, in Your case, t he execut ion of any assignment of copyright .
7. 15 Consent s and Appr oval s
Where anyt hing depends on t he consent or approval of a part y, t hen, unless t his Agr eement provides
ot herwise, t hat consent or approval may be given condit ionally or uncondit ionally or wit hheld, in t he
absolut e discret ion of t hat par t y.
7. 16 Gover ni ng Law and Jur i sdi ct i on
This Agreement is governed by and must be const rued in accordance wit h t he laws of t he St at e of
Vict oria. The part ies submit t o t he exclusive j urisdict ion of t he court s of t hat St at e and t he
Commonwealt h of Aust ralia in respect of all mat t ers or t hings arising out of t his Agreement .
7. 17 No Par t ner shi p, et c
Not hing in t his Agreement may be const rued as creat ing a relat ionship of part ner ship, of principal and
agent or of t r ust ee and beneficiary.
Applicat ion
Calculat ion Met hodology, 238
Arrays
Range Naming of, 183
Assumpt ion. See Assumpt ions, See
Assumpt ions
Assumpt ion Ent ry I nt erfaces
Assumpt ions Repet it ion, 133
Defined, 129
Error I ndicat ing, 145
I nt erface Cont rol Concept , 130, 229
I nt erface Example, 147
Locat ion, 133
Overview, 129
Prevent at ive I nt erface Cont rol, 131
Prot ect ion & Securit y, 146
Ret rospect ive I nt erface Cont rol, 131
Rules, 133
Showing / hiding assumpt ions cells,
143
Use of condit ional format t ing, 143,
212
Use of cont rols / forms, 134
Assumpt ions
Base assumpt ions, 61
Classificat ion, 61
CLassificat ion, 70
Defined, 61
Ent ry int erface rules, 133
Locat ion, 133
no inact ive, 134
Non- Assumpt ions, 61
Not on Out put Sheet s, 33
Repet it ion, 133
Sensit ivit y assumpt ions, 61
Showing / hiding assumpt ion cells,
143
Assumpt ions Grey ( fill colour) , 66
Assumpt ions sect ions, 81
Base assumpt ion, 61
Base cell
Descript ion, 185
Range naming of, 185
Blank Assumpt ions Sheet s
Descript ion, 63
Blank Out put Sheet s
Descript ion, 64
Blank Sheet s
Examples, 112
Block Array
bpmToolbox, 241
But t ons
Descript ion, 135
Calculat ion errors, 200
Calculat ion Formulae, 169
Calculat ion segregat ion, 170
Circular references, 174, 238
Complex Formulae, 171
Cont aining mult iple funct ions, 173
Formula consist ency, 170
Formula present at ion, 173
Calculat ion met hodology
Manual set t ing, 238
Cell
I ndex
Assumpt ions cells, 70
Classificat ion, 67
Cont ent , 68
Cont ent ident ificat ion, 72
Dat a alignment , 125
Dat a ident ificat ion, 126
I dent ificat ion, 71, 212
I dent ificat ion examples, 75
I nput cont ent , 69
Mixed cont ent , 69
Non- assumpt ions cells, 70
Out put cont ent , 69
Prot ect ion, 121, 229
Purpose, 68
Purpose ident ificat ion, 73
Showing / hiding assumpt ions cells,
143
Cell classificat ion
summary, 70
Cell cont ent , 68
Cell links
Cell purpose, 69
Cont rols, 134
Chart Sheet s
Descript ion, 63
Example, 113
Check Boxes
Cell link, 135
Descript ion, 135
Examples, 138
Naming of cell links, 185
Rules, 137
Circular References, 174, 238
Compat ibilit y issues, 241
Complex formulae, 171
Condit ional format t ing, 143, 212
Error Red condit ional format t ing,
145
Condit ional Format t ing, 132
Cont ent s hyperlink, 100
Cont ent s Sheet s
Descript ion, 63
Cont rols / Forms, 134
But t ons, 138
Cell link principles, 135
Check boxes, 137
Cont rol input ranges, 136
Drop down boxes, 139
Group boxes, 137
List boxes, 139
Opt ion but t ons, 137
Scroll bars, 140
Spin but t ons, 140
Cover sheet not es, 91
Cover Sheet s
Descript ion, 63
Overview, 77, 78
Dat a Alignment , 125
Dat a I dent ificat ion, 126
Dat a Validat ion, 141
Drop down boxes
Cell link, 135
Descript ion, 135
Examples, 139
I nput range, 136
Rules, 139
When t o use, 139
Emphasising I nformat ion, 239
Error Checks, 200
Compulsory audit checks, 209
Error checks worksheet s, 203
I dent iying errors, 209
I mmediat e awareness, 210
Overview, 200
Sourcing, 212
Value errors, 200
Error Red ( font colour) , 72
Error red condit ional format t ing, 145
ErrorI ndicat ing, 145
Errors
Fill Colours
Assumpt ions Grey, 66
Whit e / Aut omat ic, 66, 74
Flags
For errors, 209
Forecast Assumpt ions Sheet s
Descript ion, 63
Forecast Out put Sheet s
Descript ion, 64
Forecast Sheet s
Descript ion, 63
Format , 118
Format s & St yles
Format s & St yles Key, 118
Key, 118
Overview, 117
Formula Bar, 173
Formulae schemat ics, 171
General Concept s
Assumpt ions classificat ion, 61
Cell classificat ion, 67
Cell ident ificat ion, 71
Clarit y of purpose, 59
Overview, 59
Purpose- based format t ing, 60, 62
General Cover Sheet s
Cont ent , 77
Explained, 101
General Lookup Sheet s
Example, 192
General sheet consist ency, 87
Gridlines, consist ency of, 88
Group Boxes
Descript ion, 135
Examples, 137
Rules, 137
When t o use, 137
Grouping levels, 95, 98
Example, 95
Group level views, 96
Hiding vs. grouping, 95, 98
Heading & label repet it ion, 134
Help files, 239
Hiding of rows / columns, 95
Home / Cont ent s hyperlink, 100
Hyperlink cell reference
Hyperlinks
I ndex
as navigat ion t ools, 85
Format t ing, 128
Home / Cont ent s, 101
I dent ificat ion of errors, 209
in Table of Cont ent s, 82
I nact ive assumpt ions, 134, 139
I nput ( cell cont ent ) , 72
I nput - based sensit ivit ies, 159
I nt erface Cont rol Concept , 130, 229
I nt er- sheet consist ency, 82
List boxes
Cell link, 140
Descript ion, 139
I nput range, 140
Rules, 139
When t o use, 139
Lookup array
Lookup Sheet s
Descript ion, 63
Macros, 174, 235
Recording vs. writ ing, 235
Manual calculat ion set t ing, 238
Margins, consist ency of, 216
Mixed ( cell cont ent ) , 69
Model Export Sheet s
Consist ency of, 223
Descript ion, 221
Rules, 224
Workbook specific, 223
Model I mport Sheet s
Descript ion, 221
Rules, 224
Workbook specific, 223
Model Name
Where t o locat e, 100
Model Out put
Prot ect ion of, 229
Model redundancy, prevent ing, 232
Model Schemat ic Sheet s
Descript ion, 63
Model Schemat ics, 240
Formulae schemat ics, 171
Type of informat ion, 240
Workbook schemat ics, 223, 225,
240
Mult iple area array
Mult iple model developers, 237
Mult iple periodicit ies, 197
Mult iple Workbooks, 221
Ext ernal links, 222
General issues, 226
I mport & Export Sheet rules, 224
I mport & Export Sheet s, 221
Mult iple workbook diagrams, 223,
225, 240
Passwords, 232
Separat e import & export sect ions,
223
Naming Principles, 175
Non- Assumpt ion, 61
Opt ion but t ons
Cell link, 135
Descript ion, 135
Examples, 137
Rules, 137
When t o use, 137
Out put ( cell cont ent ) , 69
Out put ( sheet purpose) , 64
Out put Black ( font colour) , 72
Out put sect ions, 81
Out put segr egat ion, 161, 162
Out put s & Pr esent at ions
Out put sect ion consist ency, 164
Out put sect ions, 164
Out put workbooks, 162
Out put worksheet layout , 166, 167
Page number s, 215
Passwords, 232
Period end dat es, 193
Periodicit y labels, 193
Post fixing
Of sheet names, 178
Print scaling, consist ency of, 217
Print ing & Viewing
Normal view, 219
Page break preview, 219
Page mar gin consist ency, 216
Page number s, 215
Print scaling, 217
Print ed informat ion, 218
Print ed page example, 219
Print ing workbooks, 216
Viewing workbooks, 219
Print ing &Viewing, 215
Purpose- based format t ing, 60, 62
Format s & st yles, 117
of cells, 73
of sheet s, 66
Purpose- based sheet st ruct ure, 87
Range naming
Conflict s, 187
Overview, 183
Prefixing, benefit s of, 186
Range t ype prefixes, 184
Range t ype referencing, 184
Summary diagram, 186
Reference Tables
Ret rospect ive int erface cont rol, 131
Row Array
Scroll bars
Cell link, 140
Descript ion, 140
Examples, 140
Limit at ions, 141
Rules, 140
When t o use, 140
Sect ion Cover Sheet s
Need for, 79
Securit y & Prot ect ion, 229
Non- assumpt ions prot ect ion, 230
Sheet prot ect ion, 232
Workbook pr ot ect ion, 231
Sensit ivit y Analysis, 149
Error & sensit ivit y indicat ing, 205
I mmediat e awareness, 210
I nput vs. out put - based sensit ivit ies,
159
I ndex
Sourcing, 212
Use of Model Name references, 210
Sensit ivit y Assumpt ion, 61, 149
Sensit ivit y assumpt ion ent ry int erface
Rules, 150, 152
Separat ion of, 151
Sensit ivit y assumpt ions sect ion, 150
Sensit ivit y assumpt ions sheet , 151
Sensit ivit y checks, 205, 207, 208
Sensit ivit y checks worksheet , 206
Sheet
Assumpt ions sheet s, 64
Blank Sheet s, 63
Chart sheet s, 63
Component s by t ype, 114
Consist ency, 87, 115, 216, 217
Cont ent , 63
Cont ent s Sheet s, 65
Cover Sheet s, 65
Forecast Sheet consist ency, 196
Forecast Sheet s, 63
General sheet consist ency, 88
Gridlines, consist ency of, 88
I nt er- sheet consist ency, 82
Lookup Sheet s, 63
Model Schemat ic Sheet s, 63
Out put Sheet s, 64
Out put worksheet layout , 166, 167
Page number s, 215
Prot ect ion, 232
Purpose- based st ruct uring, 87
Sample layout s, 78, 79, 100, 171,
190, 192
Sensit ivit y assumpt ions, 151
Sheet t ype consist ency, 90
Types, 240
Sheet classificat ion, summary, 65
Sheet Consist ency, 87, 115, 217
Sheet cont ent , 63
Sheet naming, 177
Considerat ions, 177
I mport & Export Sheet s, 182
Post fixing, 178
Sheet t ype post fixes, 180
Summary diagram, 182
Sheet prot ect ion, 232
Sheet purpose, 64
Sheet St ruct ure, 87
Sheet t it les, 100
Sheet t ype component summaries, 114
Sheet t ype consist ency, 90
Showing / hiding assumpt ions cells, 143
Specialised Spreadsheet Modelling
Soft ware, 241
bpmToolbox, 241
Spin but t ons
Cell link, 135
Descript ion, 135
Examples, 140
Limit at ions, 141
Naming of cell links, 185
Rules, 140
When t o use, 140
St yle, 118
St yles, 120
Addit ional comment s, 124
Basic examples, 122
Caut ions, 125
Cell Prot ect ion, 121
Dat a alignment , 125
Dat a ident ificat ion, 126
Defined, 118
Ext ensive example, 123
Ext ensive Ut ilisat ion of, 123
Propert ies, 122
Purpose- based, 121
Table of Cont ent s, 82
Example, 84
Hypelinks in, 84
Page number s, 215
Purposes, 83
Time const ant s, 192
Time Series Analysis, 189
Common assumpt ions, 192
Mult iple periodicit ies, 197
Time const ant s, 192
Time series assumpt ions, 190, 193
Time series worksheet s, 189
Worksheet consist ency, 196
Visual Basic
Macros, 174, 235
Whit e / Aut omat ic ( fill colour) , 66
Window panes & split s, 88, 94, 109, 194,
210
Work in Progress
Fill colour, 74
I dent ificat ion, 127
Workbook consist ency, 86
Workbook naming, 175
Examples, 177
Versioning, 176
Workbook name display, 176
Workbook navigat ion / hyperlinks, 72, 82
Hyperlinks, 85
Table of Cont ent s, 83
Workbook pr ot ect ion
Access prot ect ion, 231
Overview, 231
St ruct ure prot ect ion, 231
Workbook schemat ics, 225, 240
Workbook sect ions, 77, 79, 162, 164
Assumpt ions vs. Out put , 81
Basic sect ions, 79
Sensit ivit y assumpt ions sect ion, 150
Workbook St ruct ure, 77
Worksheet dept h, limit ing, 93

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Excel - BPM Standards 6.1 Commentary & Examples

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Excel - BPM Standards 6.1 Commentary & Examples

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Best Practice

Spreadsheet Modelling Standards

, which was based on VisiCalc

; t he first ever comput er spreadsheet progr am

spreadsheet ( i. e. universally applicable) .

developed and maint ained by BPM.

Sensit ivit y Check

Print Dialog Box is shown below:

Print Dialog Box. I n

) by holding down Alt

) used t o perform it erat ions on

) and possible associat ed model names:

. These can include:

is not highly secure.

programming convent ion on t he basis t hat

) can great ly improve your spreadsheet modelling, and make

- an add- in t o Microsoft Excel

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