Models

1. Models • Iconic model (scale models) • The least abstract type of model • physical replica of a system Ex: scale model of F16

2. Models • Analog model • An abstract, symbolic model of a system that behaves like the system but looks different • More abstract than iconic models. Ex: blueprint of a house or machine.

3. Models • Mental model • The mechanisms or images through which a human mind performs sense-making in decision making. • Used when there are qualitative factors. • ex: when airplane pilots consider whether to fly. • Mathematical (quantitative) model A system of symbols and expressions that represent a real situation

4. Models • The benefits of models • Model manipulation is much easier than manipulating a real system • Models enable the compression of time • The cost of modeling analysis is much lower • The cost of making mistakes during a trial-and-error experiment is much lower when models are used than with real systems

5. Models The benefits of models (cont.) • With modeling, a manager can estimate the risks resulting from specific actions within the uncertainty of the business environment • Mathematical models enable the analysis of a very large number of possible solutions • Models enhance and reinforce learning and training • Models and solution methods are readily available on the Web