Lesson 3 Notes

Lesson 3 Notes - o Physical system= inputs outputs...

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Lesson 3 Notes: Models Model: an abstraction of reality Represents some activity, system, person, situation or object Basic types of models Physical Narrative (Case study) Graphic Mathematical Use of Models Models help solve problems because the real world is too complicated Improve our understanding of the entity being studied; a simplified way of viewing what really happening Facilitate communications; the model can easily communicate what may take many pages of text to explain Mathematical models are often used for forecasting Example- Break Even Point Model o Cost/Revenue, fixed costs, variable costs, total costs The General Systems Model of the Firm Consists of both a:
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Unformatted text preview: o Physical system= inputs, outputs, transformation, flow of physical resources o Conceptual System= data and information flows that represent the physical system, including feedback loop and control mechanism What is an information system? • Information= processed, transformed, elevated, enriched, organized data to be more valuable, useful • System= a group of components operating together to achieve a common objective within an environment (constraints) with a feedback mechanism • Information System= a set of interrelated component that collect, manipulate, store and disseminate data and information and provide a feedback mechanism to meet an objective...
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