BUSINESS MANAGEMENT, QUANTITATIVE MODELING, AND MODEL VALIDATION

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BUSINESS MANAGEMENT, QUANTITATIVE MODELING, AND MODEL VALIDATION



INTRODUCTION
The level of risk and uncertainties in operation of contemporary business requires that managers of businesses come up with unique decision-making that will bring about strategies, which their rivals would find difficult to imitate. This will position them in a vintage point of curving a niche over their competitors. To adequately succeed, an organization need to have competitive advantage over its rivals, especially in contemporary global business arena that is witnessing rapid changes and high level of uncertainties. Then to adequately manage this rapid management change, it requires effective strategic management tools such as modelling and scenario planning. Modelling in managing risks and uncertainties in today's business, involves a research conducted in finding how to effectively plan in addressing an identified problem. Thus, it involves the engaging in research planning and forecasting as a way of proffering pragmatic solution in period of uncertainties that is present in an industry, resulting from rapid changes in modus operandi. In the conduct of modelling, scenario planning goes hand in hand in the modelling process. Scenario planning is used as a basis for effective forecasting and planning against uncertainties.

Number of Pages: 13
Numbers of References: 16
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