Suppose a manager must choose between the following two mathematical models of a given situation: (a) a

Question:

Suppose a manager must choose 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?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Quantitative Methods For Business

ISBN: 272

12th Edition

Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam

Question Posted: