BUS-660 lecture aid

BUS-660 lecture aid - BUS 660 lecture aid The Case for...

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BUS 660 – lecture aid The Case for Business Modeling Introduction Decision making is at the core of business management and, in fact, at the core of human existence. In a sense, the present is a result of our past decisions, and today's decisions will shape the future. This applies equally to individuals, organizations, companies, nations, and perhaps even the human race. A decision entails making a choice between one or more alternatives (or courses of action) with a view to attaining one or more specific objectives. The objectives may be associated with solving problems, maximizing opportunities, minimizing risks, serving or exploiting others, attaining a selfless or selfish goal, etc. It is important to note that decisions can sometimes conflict with morals and ethics. An ethical manager must seek to eliminate any such possible conflicts. While decisions often rely heavily on soft data or impressionistic judgment, the focus of the course is on business' heavy reliance on decisions that rely on data/information. The level of reliability, relevance, and accuracy of the data/information is likely to determine the quality of the decision. This course explores the use of quantitative methods in business. More specifically, it explores how quantitative methods are used in making good business decisions. The application of quantitative methods in business usually entails the use of modeling. Hence, the primary focus in this course will be on the use of quantitative business models. What is a Model?
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BUS-660 lecture aid - BUS 660 lecture aid The Case for...

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