|TERM OF THE DAY||JUNE 16, 2016|
1. Graphical, mathematical (symbolic), physical, or verbal representation or simplified version of aconcept, phenomenon, relationship, structure, system, 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
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.