Problem Solving With Abstract Models Thesis

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Calculating the cost of capital based on known rates is one example of a situation where a deterministic model could be utilized; the certainty of the figures involved lends the issue to a straightforward calculation. Probability models can project future events in degrees of uncertainty; forecasting future interest rates based on past changes and projected changes would be an effective use of a probability model as the output's certainty can be quantified despite coming from uncertain input.

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Simulation models are better suited to situations where information is not so easily quantified. Human behavior, for instance, is much better modeled by simulations; enactments of hypothetical workplace situations can effectively educate and prepare individuals for eventualities. When highly specific individuals and situations are involved, discipline-specific models are best suited......

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