The Overall Modeling Process Typically Done in the Business World

question 7

True/False

The overall modeling process typically done in the business world always require seven steps: define the problem, collect and summarize data, formulate a model, verify the model, select one or more suitable decisions, present the results to the organization, and finally implement the model and update it through time.

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Definitions:

Tectonics

Earthquakes, volcanoes, and other processes that deform Earth’s crust and mantle; syn. tectonic activity.

Structural Features

Physical characteristics that define the shape, configuration, or distribution of a geological formation or system.

Earth's Surface

The outermost layer of the Earth, consisting of the crust and the uppermost mantle, upon which all terrestrial landscapes and human activity occur.

Geology

The science that deals with the Earth's physical structure and substance, its history, and the processes that act on it.