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Examine and discuss the statement: "All models are wrong; some models are useful."
I also need to be able to discuss...
The limitations of mathematical modeling
The advantages of using conceptual models
The gap between the complexity of the real world and the simplicity of many abstract models used in forecasting
The issues of bias in conceptual modeling.
Running Head: MODELS
All models are wrong; some models are useful
Every model describes different aspects and theories, but they have some limitations that affect their effectiveness. No one model is complete and cover all the aspects related to the conditions. Models are more complex that creates difficulties for users in using the model for the particular situation. Model criticism affects the model adequacy and accuracy that creates difficulties for the users in selecting the alternatives (Green, Hjort, & Richardson, 2003).
Most of the models are descriptive, not predictive that affects the quantitative aspect. Models consider reality and focus on common sense that is not suitable for the entire situations (Diederen, 2010). Descriptive model supports other model and describe same aspect, which is related to other model. It shows that all models are wrong, because they do not cover and describe all the aspects that create confusion on their applicability.
All the models are wrong, but at the same time, some models are useful due to their accuracy and ability. Salient, accurate, understandable and complete yet parsimonious are some important features that decide the usefulness of the model. Usefulness of the models depend on the purpose such as communication, analysis, managing compliance, execution directly as software, knowledge management and reuse, persuasion and selling etc. (Bridgeland & Zahavi,2008).
Limitations of mathematical modeling
Mathematical models are abstractions of reality. It concerns of particular things and ideas. This model present some real world example that ...
The advantages of statement analysis models are examined.