Suppose that a manager must choose between the following two mathematical models of a given situation: (a)
Question:
Suppose that 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:
The manager may prefer the model in part a because it is ...View the full answer
Answered By
Kenneth Mutia
I have a B.S. in Statistics from the Jomo Kenyatta University of Agriculture and technology. I have been an academic tutor for over 3 years. I have a passion for helping students reach their full potential and am dedicated to helping them succeed. I am patient and adaptable, and I have experience working with students of all ages and abilities, from elementary school to college in their various fields. I have a wide scope of diverse tutoring experience in several courses of study with significant success as a tutor.
0 Reviews
10+ Question Solved
Related Book For 
Quantitative Methods for Business
ISBN: 978-0324651751
11th Edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey cam
Question Posted:
