Abstract
‘The sciences do not try to explain, they hardly even try to interpret, they make models’, Dr John von Neumann once suggested. ‘By a model is meant a mathematical construct which, with the addition of certain verbal interpretations, describes observable phenomena. The justification of such mathematical construct is solely and precisely that it is expected to work.’ Nowhere does the von Neumann principle apply better than in advanced studies and in helping management to avoid tunnel vision.
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Notes
D.N. Chorafas, Operations Research for Industrial Management (New York: Reinhold, 1958).
D.N. Chorafas, Financial Models and Simulation (London: Macmillan, 1995).
Alfred P. Sloan, My Years with General Motors (London: Pan Books, 1969).
D.N. Chorafas, The 1996 Market Risk Amendment. Understanding the Marking-to-Model and Value-at-Risk (Burr Ridge, McGraw-Hill, IL: 1998).
Sun Tzu, The Art of War (New York: Delacorte Press, 1983).
D.N. Chorafas, Reliable Financial Reporting and Internal Control: a Global Implementation Guide (New York: John Wiley, 2000).
D.N. Chorafas, Agent Technology Handbook (New York: McGraw-Hill, 1998).
D.N. Chorafas, Chaos Theory in the Financial Markets (Chicago: Probus, 1994).
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© 2002 Dimitris N. Chorafas
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Chorafas, D.N. (2002). The Contribution of Modelling and Experimentation in Modern Business. In: Modelling the Survival of Financial and Industrial Enterprises. Palgrave Macmillan, London. https://doi.org/10.1057/9780230501737_3
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DOI: https://doi.org/10.1057/9780230501737_3
Publisher Name: Palgrave Macmillan, London
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