Modeling and Simulation: Part 1

Hector Guerrero
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Hector Guerrero: Mason School of Business

Chapter Chapter 7 in Excel Data Analysis, 2019, pp 225-264 from Springer

Abstract: Abstract The previous six chapters have provided us with a general idea of what a model is and how it can be used. Yet, if we are to develop good model building and analysis skills, we still need a more formal description, one that permits us a precise method for discussing models. Particularly, we need to understand a model’s structure, its capabilities, and its underlying assumptions. So, let us carefully reconsider the question—what is a model? This might appear to be a simple question, but as is often the case, simple questions can often lead to complex answers. Additionally, we need to walk a fine line between an answer that is simple, and one that does not oversimplify our understanding. Albert Einstein was known to say—“Things should be made as simple as possible, but not any simpler.” We will heed his advice.

Date: 2019
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DOI: 10.1007/978-3-030-01279-3_7

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