What is modeling? Why is modeling used as a component of decision support systems?

What will be an ideal response?


Modeling is the process of building a model of reality based on a situation that we know the answer, and try to apply to another situation that we have yet to find the solution. The model component of decision support systems stores a family of analytical models in a model base that the user can choose, and possibly integrate them together, to solve a decision situation.

Business

You might also like to view...

______________________________ is the assignment of an internal function to an outside vendor

Fill in the blank(s) with correct word

Business

The amount of Retained Earnings for the balance sheet is obtained from the

a. statement of retained earnings. b. Adjusted Trial Balance columns of the work sheet. c. Balance Sheet columns of the work sheet. d. Trial Balance columns of the work sheet.

Business

The primary advantage of establishing cost pools is reducing the number of individual cost allocations that are made.

Answer the following statement true (T) or false (F)

Business

Carla provides service certificates to employees in her department who provide exemplary service without being asked. This represents ______ as a nonmonetary incentive.

A. recognition B. standard hour plan C. ESOP D. piece-rate plan

Business