What is a model?

When using tools such as Excel, Crystal Ball or ModelRisk, it is very important to be able to translate a mental model to a mathematical one. Let me illustrate, when you think about your business, you often will think of abstract notions such as profit or margins. These are mental constructs because their are no physical representations of profit or margins (except a pile of cash) only mathematical ones.

Processes, simulation and networks - Building meaningful analysis

For almost 15 years we have been witnessing a fundamental shift in how we do business, how we live and how we envision the world. Some have referred to this as a Paradigm Shift (Senge, 1991) brought on by cheaper and more accessible technologies (Ashkenas et al. 1995). As business people, we are constantly faced with solving problems and driving results, but that task is becoming more difficult because the lay of the land has changed and is going to continue to change – for everybody and every industry.