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The Art of Computer Modeling for Business Analytics by Gerald Feigin

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CHAPTER 8

Calculating Price Elasticity Curves for a Packaged Vacation Tourism Company

The process of building a model is often highly iterative and rapid. You start with something simple, realize that it does not do a good job, and then incrementally add complexity until a reasonable model emerges. The resulting model reflects many adjustments made during the course of model development in response to analyzing model results and validating them against the system being modeled. Often, this process happens over the course of days or weeks, not months, because the client is facing a tight deadline or has a limited budget. The objective is to build a reasonable model in as short a time as possible. Speed is key in this context and we don’t have ...

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