Question

Do models that claim to predict the amount of resources (money, labor, and/or supplies) that will be needed at various levels of demand for service have validity? If so, what is the key to making them valid?

Answer 1

The explanation for above mentioned question is given below:

Model that claims to predict the amount of resources that are needed at various levels of demand for service can be made valid if the following key factors are implemented:

1. the complexity and accuracy of physical resources needed for model
2. the relevance of estimation made for the requirement of physical resources for the model
3. the availability of alternative resources for the accomplishment of resources requirement for the model
4. various different alternatives of model can be made available for implementation of accurate prediction
5. the optimum amount of resources if predicted correctly can help in validation of models at each step of business.
6. the boundaries of model can enhance the validation of model with the available resources.
7. Artificial Intelligence can be used for making correct prediction to increase the conversion and optimise the goals of model.

Thus , it can be concluded from the above discussion that models can be predicted correctly if assumptions ,estimations,and technological resources are used appropriately.