Quantitative Modelling

Question 1

What is the definition of quantitative modelling?

Answer 1

Modelling is the representation of a real world object or system in a mathematical framework.

Question 2

What is modelling an imitation of?

Answer 2

Reality.

Question 3

What are 4 advantages to quantitative modelling?

Answer 3

1. Economy of time and resources,
2. Allows sensitivity analysis,
3. Consistency of decisions,
4. Clarification of the issues.

Question 4

What are 3 purposes of quantitative modelling?

Answer 4

1. Solve complex problems,
2. Gain understanding of issues,
3. Helps management decision making.

Question 5

What are the 5 stages of the decision process?

Answer 5

1. Describe problem/issue,
2. Define a model to represent the problem,
3. Solve the model,
4. Test the solution,
5. Implement and maintain the solution.