Examine and discuss the statement: "All models are wrong; some models are useful."
Write a 2-3 pages paper including the following details:
- 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
Present the paper in Microsoft Office Word document format.
All written assignments and responses should follow APA rules for attributing sources.© BrainMass Inc. brainmass.com October 15, 2018, 8:19 pm ad1c9bdddf - https://brainmass.com/business/market-research/591169
In accordance with BrainMass standards this is not a hand in ready paper but only background help.
Mathematical modeling has several limitations. A mathematical model does not take into account the physical system, biotic, or abiotic system that prevails in a region or country. In addition, the formulae or rules that are applied to find a conclusion may not give the actual situation but only give factual data. There are several details that are missed by mathematical modeling. Further, in mathematical modeling there are several possible outcomes and it is difficult to identify the correct one. It is often necessary to have a priori information for use in the model. If the information is not used correctly the models become inaccurate. An important drawback of mathematical models is that subjective information has to be incorporated into the ...
This posting gives you a step-by-step explanation of advantages and limitations of conceptual models. The response also contains the sources used.