Is it always inappropriate to make only a fairly rough estimate for a parameter of a model?

Question:

Is it always inappropriate to make only a fairly rough estimate for a parameter of a model? Why?

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

Step by Step Answer:

Related Book For book-img-for-question

Introduction To Management Science and Business Analytics A Modeling And Case Studies Approach With Spreadsheets

ISBN: 9781260716290

7th Edition

Authors: Frederick S. Hillier, Mark S. Hillier

See More Books

Question Posted: Mar 02, 2023 04:04 AM

See More Questions

Why may an analysis that makes even a rough estimate of the probability distribution of project NPV or IRR be infinitely more valuable to management than a point estimate Why are scenario and...
Make a rough estimate of the number of PCS micro cells 100 m in diameter it would take to cover San Francisco (120 square km).
Make a rough estimate of the volume of your body (in cm3)
Your friend has just started a retail clothing store in kamloops. She will be purchasing inventory to make her own clothing (One Style) and she will also be buying ready to sell iteams. She has come...
Dubois Steel Corporation, as lessee, signed a lease agreement for equipment for five years, beginning January 31, 2011. Annual rental payments of $41,000 are to be made at the beginning of each lease...
Iacouva Company reported the following on the company's income statement for 2014 and 2013: 2014 2013 Interest expense ............................................. $5,000,000 $5,000,000 Income...
A survey of cross-border money transfers found that in 38% cases, the beneficiary account has suffered double charging, in contradiction to European Union rules. You randomly select 200 crossborder...
Prepare journal entries to record the following transactions involving the short- term securities investments of Krum Co., all of which occurred during year 2013. a. On August 1, paid $450,000 cash...
Dexter Technology maintains its records using cash-basis accounting. Consider the following: . During the year, the company received cash from customers, $35,000, and paid cash for salaries, $21,000....
On January 4, 2016, Crux Systems, Inc., paid $281,200 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $2,800 transportation charges;...
Show that 1 V/m = 1 N/C.
Which approach will lead to a more conservative solutionrobust optimization with specified ranges of uncertainty or using chance constraints with uniform distributions over these same ranges of...
The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Adjustment data: 1 . Supplies on hand totaled $2,600. 2 ....
Explain why a little inflation is always necessary to grease the wheels of the economy.
Imagine a PPF for two goods: guns and butter. A natural disaster hits and reduces our ability to produce both weapons and butter. What will be the effect?
How did Western domination affect South Asia, the Islamic heartland, and Africa in the 19th century? Explain
Instructions: Revise the message below so that it has improved tone and formality. Also revise it for better organization (use the direct approach). Post your revision to OneNote. From: H & M Calgary...
Suppose that if your income increases by $100, all households in Normalia increase their expenses by $50. Instructions: Round your answers to one decimal place. The MPC in Normalia is: MPS in...
In all three cases, A, B, and C, the crate is in equilibrium (no acceleration). From greatest to least, rank the amount of friction between the crate and the floor. v 1 m/s
Arlington Merchants reported the following on its income statement for the fiscal years ending December 31, 2016 and 2015. 2016 2015 Sales $4,857,500 $4,752,900 Cost of goods sold 3,258,950 3,207,000...
Read the article, Nonprofit Public Collaborations: Understanding Governance Dynamics by Cornforth, Hayes, and Vangen. (See Articles.)What do the authors mean by the term collaborative windows?...
Read the article, Nonprofit Public Collaborations: Understanding Governance Dynamics by Cornforth, Hayes, and Vangen. (See Articles.) Describe what the authors have to say about the governance of...
Read the article Hybridity and Nonprofit Organizations: The Research Agenda by Smith. According to Smith, what environmental factors are encouraging nonprofit organizations to consider merging?
You grab 0.249 kg of rocks that have been sitting by the fire to warm your sleeping bag while camping. The rocks were initially 35.9 C when you removed them from the fire and 15.4 C when you woke up...
2. Most of the infrared (IR) that we experience comes from the thermal radiation of the objects around us. For the following objects, (a) calculate their temperature in kelvin and (b) using the...
Problem 4 Consider the imaging lens of focal length f as shown in Figure 3. An object is placed at distance d1 to the left of the lens and an image is observed on a screen at distance d2 to the...

Is it always inappropriate to make only a fairly rough estimate for a parameter of a model?

Question:

Step by Step Answer:

No if the optimal solution will remain ...View the full answer

Introduction To Management Science and Business Analytics A Modeling And Case Studies Approach With Spreadsheets

Students also viewed these Business questions