Modelowanie operacyjnego kapitału obrotowego z zastosowaniem arkusza kalkulacyjnego. Budowa i weryfikacja modelu

Typical financial model applied in the area of short term financial management under wealth maximization approach is in a form of an analytical model, like the one built by for example [Sartoris, Hill 1983; Kim, Chung 1990]. The assumptions concerning the continuous cash flows resulting from sales and direct relationship between the size of cash flows and the size of sales result in inaccurate and biased forecasts made on the basis of such analytical models. The applicability of it is therefore questionable. The paper presents the construction and verification of the financial model of operating working capital that enables to build forecasts of better quality. Such a goal is achieved by applying the spreadsheet approach instead of analytical functions.