1 / 6

Understanding the Importance of Modeling for Decision-Making and Insight

This text explores the essential role of modeling as a representation or simulation of phenomena. It highlights why modeling is necessary, including its ability to enhance decision-making by managing complexity, tracking multiple variables, and generating outcome values for evaluation. Through modeling, we can gain valuable insights into relationships among variables, making long-term planning feasible and improving understanding of complex situations. Moreover, models aid in presentations by clarifying assumptions and fostering structured discussions, leading to informed choices and enhanced communication.

satin
Télécharger la présentation

Understanding the Importance of Modeling for Decision-Making and Insight

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Why Model? By the way …. A model is a representation, abstraction, or a simulation of a phenomenon that we are trying to understand.

  2. Why Model? • Necessity • To Make Better Decisions • Gain Better Insight • Aid to Presentations / Communication • Support Intuition

  3. Why is modeling a necessity? • Limitations of the human mind (can process only a few issues). • Difficult to keep track of several variables at a time. • Modeling is a small effort compared to the magnitude of the outcome. • Need to generate values of outcome to be able to evaluate various choices (decisions).

  4. Can models help make better decisions? • Many relevant facts accounted for .. • Impact of each variable (on outcome) can be measured. • Many relationships among variables can be made explicit. • Can look into longer time frames (planning) • Can perform sensitivity and goal-seeking analyses.

  5. Can models improve insight into phenomenon? • Complexity seems manageable. • Learn structure of the phenomenon / situation. • Understand the anatomy of the problem. • Extend understanding to other similar domains. • Improves confidence.

  6. Aid to presentations / communication • Beliefs about relationships made explicit. • Means to test assumptions / beliefs. • Demonstrate more comprehensive understanding. • Lead more structured discussions, be able to address specifics in the context of the “big picture” • As a basis to determine newer needs ...

More Related