|TERM OF THE DAY||JUNE 16, 2016|
1. Graphical, mathematical (symbolic), physical, or verbal representation or simplified version of aconcept, phenomenon, relationship, structure, system, or an aspect of the real world. The objectives of a model include (1) to facilitate understanding by eliminating unnecessary components, (2) to aid indecision making by simulating ‘what if’ scenarios, (3) to explain, control, and predict … Read more
In our quarterly financial meeting we determined that we may have to look at possibly cutting back on our travel expenses based off of the profit/loss model we reviewed from the prior quarter.