Models are useful in business as in many other applications, such as science. Let’s say that two groups of analysts have created models to predict interest rates, and both models use the same input data. One model predicts higher interest rates for next year, while the other predicts that rates will drop. You are unable to examine their inner workings, but you must evaluate them today to tell which, if either, is right (both might be wrong!). How would you do this? What is the practical significance of this evaluation, if any?Do you want a similar Paper? Click Here To Get It From Our Writing Experts At A Reasonable Price.
Previous Post: In IT world, the projects that have hands-on involvement from upper management can be considered similar to heavyweight project team in the manufacturing world. These projects get higher priority from other functional groups. Resources and budget allocation have never been an issue for these projects. Due the extensive involvement of upper management, the team will be highly motivated to meet the goals and deadline, delivering beyond expectations. Would you be able to cite an example of such unique setup in a company or the one that you may be aware of?