Description
1/what a black box model represent in a modelling process?
2/ Discuss the distinction between Model world and real world? Example? Why it's important when we interpret the model world, we are wearing the modelling spectacles?
3/ Influence diagram all of it?
4/ Roles of spreadsheet in business modelling?
What is the spreadsheet engineering and process?
Around 150-200 words for each question. This is Business Modelling subject.
Explanation & Answer
Attached.
Running head: BUSINESS MODEL
1
Business Model
Institutional Affiliation
Date
BUSINESS MODEL
2
Introduction
A business model is a term used to refer to an organization's plan or diagram based on
how it will use its resources, deal well with customers, compete with others and creating value
that will ensure that revenue and profit is generated. A business model, therefore, gives the stepby-step action plan of how the firm needs to operate to be profitable in the marketplace. In the
following paragraphs, we shall talk about various areas and things involved in business
modeling.
Black Box Model
Black box modeling is used to refer to a method used when one has an interest of fitting
data regardless of a certain mathematical formation or structure involved in the chosen model. It
is a process that involves trial-and-error because there is estimation of the various structures and
then comparing the results. In this process, someone may choose a model structure because he or
she has an idea about the structure or because of being in possession of specific application
needed. Businesses use this method as they can adjust any structure chosen to meet their needs. It
is also important as it helps in describing the business dynamics. There are different linear blackbox structures that do need few options to configure and may include the transfer function and
the state-space model and the estimation of these structures utilizes non...