In Which of the Following Categories of Modeling Techniques Are

question 2

Multiple Choice

In which of the following categories of modeling techniques are the specifications of the relationships between dependent and independent variables unknown or ill-defined?

• A) Descriptive models
• B) Open models
• C) Predictive models
• D) Prescriptive models

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Definitions:

Production Department

A segment within a business that is responsible for the manufacturing or production of goods.

Mixing Department

A production area or unit within a manufacturing facility where ingredients or components are combined to produce a final or intermediate product.

Standard Costs

Predetermined costs to manufacture a single unit or a number of units of a product during a specific period under expected or normal conditions.

Materials Quantity Variances

The difference between the actual quantity of materials used in production and the expected quantity, measured in cost.