Simulations!

http://www.domain-b.com/technology/20110307_simulations.html

How well do modelers understand the underlying science or theory of the system being studied?
Modelers understand the underlying science or theory of the system being studied very accurately because the simulation has matched with the actual reality of the simulation that is being studied.
How well understood are the relevant properties of the materials involved?
The relevant properties of the materials involved are understood very well because it is a very accurate simulation because those who enter the data in have studied it very a long time because it is their job, and other similar simulations have been used and have been done for the same process.
How accurate and complete are the data?
The data is very accurate and complete because it is proved that it matches with reality and that the simulation was exactly like what the real thing was. Meaning the simulation was a perfectly accurate representation of the teams in this case.
What are the assumptions and simplifications of the model?
The assumptions and simplifications of the model are that teams will win based on their record, players, coaches, and past experience in tournament play. All has to be taken into account when deciding which team will win which game. The assumptions are that a player or a certain coach will make the team win, rather than what really happens.
How closely do the results or predictions of the model correspond with results from physical experiments or real experience?
They are somewhat close, however there are no real physical experiments done to determine the winner of a series of basketball games. There is so many different factors that go into the process and are all in the future that it is impossible to do physically, it all has to be done through hypothetical simulations.