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(solution) 5. What are the advantages of analyzing and experimenting with a model as opposed to a real object


5. What are the advantages of analyzing and experimenting with a model as opposed to a real object or situation? 6. Suppose that a manager has a choice between the following two mathematical models of a given situation: (a) a relatively simple model that is a reasonable approximation of the real situation, and (b) a thorough and complex model that is the most accurate mathematical representation of the real situation possible. Why might the model described in part (a) be preferred by the manager?

 


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Sep 13, 2020

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