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 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 [...]
In this article we will discuss about the role of marketing organisation in taking marketing decisions. An organisation structure in any business is most essential for its survival and prosperity. A wrong organisation can weaken a company whereas a good organisation contributes to its success. A sound organisation clarifies and perfects the duties, responsibilities, and authority of managers at all [...]