Elaborate data acquisition and model acquisition. (500 words)

- Collecting the appropriate data from homogeneous and external sources is known as data acquisition. It is serviceable in making decisions.
- Describe why the data should be of high quality and be reliable, talk about the different data sources (internal databases, external databases, and others).
- Determine model acquisition as a process by which the models are built for further use in analysis of data and drawing conclusions.
- Give an example of an analytical model - optimization model, simulation model, predictive model, and so on.
- Talk about model base and how models are essentially representations of business processes within decision analysis context.
- Integrate models with organizational information to deliver actionable insights into business operations.