Identifying and reducing waste through Standard Cost Variance Analysis (SCVA) might be an important

Part B : Prepare a spreadsheet model to perform the calculations and inform the decision being made. (Sample Spreadsheet model is provided for reference, but group must produce their own template) By this point, you will need to have chosen a topic and how the calculations and tools can be used to inform a particular type of decision within a specific business context. Note that the owners of your organisation are concerned with the social and environmental impacts of the organisation, and so a social OR environmental outcome should be included into your model. This does not, however, need to be the focus of your model. For example, a pizza restaurant might use a flexible budget and standard cost variance analysis (Topic 10) to plan and manage their direct materials. A spreadsheet model might allow the manager to input the expected number of pizza’s and the output would be the requirements for dough, pepperoni, cheese, etc. The actual number of pizzas sold could then be input and variances for each raw material item determined. Identifying and reducing waste through Standard Cost Variance Analysis (SCVA) might be an important environmental aspect of your spreadsheet model. You will be assessed based on the team effort and quality of your spreadsheet model. It should provide insights and information that support decision making. This will require the use of appropriate tools and formula that provide the correct result over a wide range of output. [Optional but highly recommended: You will need to use appropriate Excel functions, for example, vlookup which allows data to be placed in a table that is easy to verify and update. Excel tools, such as drop-down lists which can improve usability and ensure accurate data input, should also be used].