Conceptual Model
Conceptual Model
Contextual factors as a key element of conceptual model involves taking in mind the physical surroundings and immediate attributes of the concept. Certainly, the subsidiary factors that are incorporated into the model used to establish a new concept as these attributes will guide the project planners in establishing the most economical perspective which will entail minimal risks. Consequently, the setting of the business enterprise plays a significant role in pointing out the key areas that need to be addressed prior to implementing the conceptual model.
Confounders in business are used to predict the outcome of any business undertaking especially activities involving the conceptual model. The variables that are presented before the confounders are determined are vital as they help the planner to establish significant results which are dependent on the confounders. Hence it becomes equally important when determining ways through which risks can be minimized to increase probability of obtaining the intended goals.
The bounded rationality element in conceptual model that entails use of the decision making process to increase chances of obtaining solid results after applying the conceptual model. The quality of decisions made by the managers is dependent on the bounded rationale used and it is relative on the grounds of increased utility. Consequently, the length of decision-making process, as well as, the amount of information that is provided to the team before implementing the conceptual model determines the nature of outcome which will be attained. Combining the contextual factors, the confounder factors and the bounded rationality elements of a conceptual model, a comprehensive perspective that guarantees the users positive results is attained.
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