There are several basic kinds of models used for making business decisions. The models are:- 1. Analog Model 2. Iconic Model 3. Verbal Model 4. Mathematical Model. 1. Analog Model: An 'analog' model is a physical representation of the real world. A mock-up of an airplane is an analog model. An architect may place a mock-up of a building to [...]
In this article we will discuss about the evolution and approaches to management thought. Evolution of Management Thought: Art of management is as old as human civilisation. Before the twentieth century there was no systematic study of the subject. Management was considered to be a personal ability. Management was a kind of 'trick' of businessmen which could not be studied [...]
In this article we will discuss about the concepts of heuristic model and heuristic programming used in managerial decision making. Heuristic Model: The term 'heuristic' means serving to discover or to stimulate investigation, in a literary sense. In its technical sense, heuristic is frequently associated with the simulation of human problem-solving techniques by means of computers. Heuristic model refers to [...]