Can a model include several dependent variables? Can decision problems contain several variables?
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Can a model include several dependent variables?
Can decision problems contain several variables?
Step by step
Solved in 3 steps
- Unsatisficing models are those that discover a satisfactory solution to a problem, but not always the best possible answer. Is this true or false?First, is it possible for a model to include several dependent variables? Can there be more than one variable in a decision problem? Which model—descriptive, predictive, or prescriptive—of a particular choice issue would you be most likely to employ if provided with all three? Why? Give an example of a well-known corporate, political, or military leader whose excellent judgment led to a terrible consequence, or vice versa. What is the main difference between a computer model and a spreadsheet model?What are the benefits of using a modeling approach to decision making?
- A decision table is a useful tool for quickly and easily associating circumstances with responses. Explain?A satisficing model is one that will find a good problem solution, although not necessarily the best problem solution. True or False?Is it possible to tell a prescriptive model from a descriptive one by looking at the differences?
- Discuss innovative uses of binary variables in model formulation?What are the basic features of a descriptive model?In what ways are prescriptive models different from descriptive models? In what ways are prescriptive models different from predictive models? In what ways are descriptive models different from predictive models? What is a dependent variable? . What is an independent variable?
