It may be great to have the biggest budget but how much do those points actually cost? The best team is that which spends the least to get the most points isn’t it?
So what do we mean by ‘Value’ in the context of this F1 analysis? Well at the highest level it is a simple as:
Value = Performance/Cost
Therefore while the majority of media focus is inevitably on Performance, and I have constructed a simple Coefficient for ‘Performance’ as an input to the Value Model, the ultimate analysis for each competing team is ‘Value’.
This page is designed to merely describe the model and how to interpret the charts. As the season progresses I will compare and contrast the various rises and falls of the teams in specific focussed blogs. I will publish a team chart for each team after the Spanish GP.
Interpreting the Value Chart
For each team I calculate the following values:
- A ‘Value’ Coefficient – this is the total value to date this team has produced when taking into account performance and costs. Represented on the chart with a line in the team’s colours and diamond data plots.
- A ‘Target Value’ Coefficient – after a race has completed we calculate a target value based on the assumption of a 1,2 finish in the remaining races of the season. Represented on the chart with a black dotted line.
- A rolling Min and Max Coefficient referred to as ‘Worst’ and ‘Perfect’ – these are the plots for the teams on the basis that the teams scored 0 or 1,2 for all races in the season giving us the left and right of Worst to Perfect Value. Represented on the chart with a solid red line for Worst and a solid green line for Perfect.
Live Example
I have used the current 2015 Mercedes Value Chart as an example. Points of analysis to note are:
- They clearly start race 1 in the ‘Perfect’ position.
- The poor Rosberg performance starts to be reflected after the China race not after Malaysia when one would have expected it to. This is due to the size of the Mercedes budget which effectively allows for the odd off day in terms of Value.
- The Bahrain Performance has brought the results back onto target for Spain.
- The Target Value remains pretty close to Perfect.