Models are the medium by which we reflect and express our understanding of some aspect of reality, a particular unknown of interest. As it is virtually impossible to grasp any situation in its entire complexity, models are representations of reality that are always partial resulting in a state of uncertainty or error. However the question of model error from a pragmatic point of view is not one of accounting for the difference between models and reality at a fundamental level, as such difference always exists. Rather the question is whether the prediction or performance of the model is correct at some practically acceptable level, within the model’s domain of application…
Author:Ghose, Susmita
Source: University of Maryland
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