[From 10$/Pg] Making Good Decision Models
A decision model may be descriptive, heuristic, or prescriptive.
- In your judgment, what are some important requirements for making good decision models regardless of whether they are descriptive, heuristic, or prescriptive? How would you check the validity of a model that you have selected?
- Describe the reasons why and when a manager might use a heuristic decision model. Use a real life example, and explain your reasons within the context of your example.