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1. Spreadsheets - financial models.

A representation of a real situation using a selected set of simplifying assumptions and relationships.

In finance, financial models are widely used as tools for valuation and to support financial decisions.

An important benefit of well-structured financial models is to facilitate sensitivity analysis and stress testing.

2. Best practice - good practice.

Something designed or selected as a good example to be followed.

For example, the OECD model tax convention.

See also