DATA, MODELING AND DECISIONS
Management sciences research rept.
CARNEGIE INST OF TECH PITTSBURGH PA GRADUATE SCHOOL OF INDUSTRIAL ADMINISTRATION
Pagination or Media Count:
Past experience with models--and related methods of analysis--may be an inadequate guide for managers considering a use of new tools now available. The latter, viewed as multiple-variable systems models, may differ in their data requirements and decision possibilities in comparison with predecessors that could handle only a few variables at a time. In approaching these new tools it is desirable to consider using the models as guides to data collection as well as decisions. This refers not only to data variety but also to data quality as judged by reference to the model itself. It may then be possible to eliminate needless expenditures of time and money on collecting or refining data. It is also desirable to consider integrating the modelling and decision making. Evaluations may then be secured which can guide alterations to the model and also open new decision possibilities which would otherwise not be apparent. The value of such a joint approach to data, models and decisions is examined and illustrated in the following article with special reference to media mix and new products marketing applications.
- Computer Programming and Software