Term Papers: What are the advantages of analyzing and experimenting with a model as opposed to a real object or situation?
Discuss the different roles played by the qualitative and quantitative approaches to managerial decision making. Why is it important for a manager or decision maker to have a good understanding of both of these approaches to decision making?
2- What are the advantages of analyzing and experimenting with a model as opposed to a real object or situation?
3- Suppose you are going on a weekend trip to a city that is d miles away. Develop a model that determines your round-trip gasoline costs. What assumptions or approximations are necessary to treat this model as a deterministic model? Are these assumptions or approximations acceptable to you?
