Suppose that a manager has a choice between the following two mathematical models of a given situation:
Question:
(a) A relatively simple model that is a reasonable approximation of the real situation,
(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:
Model is simply the reflection of the reality that is the reason models must b...View the full answer
Answered By
Danish Sohail
My objective is to become most reliable expert for clients. For last 10 years I have been associated with the field of accounting and finance. My aim is to strive for best results and pay particular attention to client needs. I am always enthusiastic to help clients for issues and concerns related to business studies. I can work on analysis of the financial statements, calculate different ratios and analysis of ratios. I can critically evaluate stock prices based on the financial analysis and valuation for companies using financial statements of the business entity being valued with use of excel tools. I have expertise to provide effective and reliable help for projects in corporate finance, equity investments, financial accounting, cost accounting, financial planning, business plans, marketing plans, performance measurement, budgeting, economic research, risk assessment, risk management, derivatives, fixed income investments, taxation, auditing, and financial performance analysis.
78+ Reviews
112+ Question Solved
Related Book For 
An Introduction To Management Science Quantitative Approaches To Decision Making
ISBN: 226
13th Edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
Question Posted:
