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?
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Model is simply the reflection of the reality that is the reason models must b...View the full answer
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Related Book For 
An introduction to management science quantitative approaches to decision making
ISBN: 978-1111532222
13th edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
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