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Describe the black box model

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Reference no: EM132947361

1a) Illustrate with an example, the PRINCIPLE OF MODELLING. Clearly identify the elements of model construction

b) discuss why data used in data analytics and business modelling need to be reliable and valid

2a) describe the black box model. What role does it play in the business modelling process?

b) what is an influence diagram and what role it plays in the business modelling process?

c) below is an influence diagram that depicts a Profit Model (Profit = Revenue - cost) of a business. Construct a black box model to capture all the elements/variables in the influence diagram

Reference no: EM132947361

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