The purpose of the paper is to write a managerial report. This means your answers and set up need to be understood by your boss. Simply stating the changes is not enough. You need to explain what happens to the model because of these changes. Case in point, when the risk increases to 5.5%, what happens to the model? What constraint(s) does this affect? How does it change the investment strategy? You need to answer these things in a way your boss and client can understand. You need to assume they do not have the same level of mathematics training that you do when writing. A good rule of thumb is if someone other than yourself reads it and can understand it the first time through then you have done a good job of explaining. You may include the Excel outputs in the paper.