TERM OF THE DAY JUNE 16, 2016

model

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1. Graphical, mathematical (symbolic), physical, or verbal representation or simplified version of aconcept, phenomenon, relationshipstructuresystem, or an aspect of the real world. The objectives of a model include (1) to facilitate understanding by eliminating unnecessary components, (2) to aid indecision making by simulating ‘what if’ scenarios, (3) to explain, control, and predict … Read more


USAGE EXAMPLE
In our quarterly financial meeting we determined that we may have to look at possibly cutting back on our travel expenses based off of the profit/loss model we reviewed from the prior quarter.
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