[From 10$/Pg] Making Good Decision Models

A decision model may be descriptive, heuristic, or prescriptive.

1. 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?

1. 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.