Week 4 discussion | Statistics homework help
I need at least 500 words Initial Post. 250 words for each question. No Plagiarism. Due in 12 hours. I will also attached the replies of other students once they are available. I need 0.5 page for each reply.
Write a minimum of 250 words for each of the discussion questions below:
A decision model may be descriptive, heuristic, or prescriptive.
- In your judgment, what are some important requirements for making good decision models regardless of whether they are descriptive, heuristic, or prescriptive? How would you check the validity of a model that you have selected?
- Describe the reasons why a manager might use a heuristic decision model instead of a prescriptive model. Use a real life example, and explain your reasons within the context of your example.
In your two replies to classmates, explore how uncertainties may alter the outcomes of their real-life example mode