Discuss the Role of a Model Builder in the Decision-Making

question 41

Essay

Discuss the role of a model builder in the decision-making process with an example.

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Definitions:

Categorical Variable

A type of variable that can take on one of a limited, and usually fixed, number of possible values, assigning each individual or other unit of observation to a particular group or nominal category.

Social Security Number

A unique nine-digit number assigned to U.S. citizens, permanent residents, and temporary working residents that is used for tracking individuals for social security and taxation purposes.

Age

The length of time that a person or entity has been alive or existed.

Statistics Class

An academic course focused on the study of collecting, analyzing, interpreting, presenting, and organizing data.