Tag Archives | Mathematical Models

Mathematical Models: Types, Structure and Advantages | Decision Making

After reading this article you will learn about:- 1. Types of Mathematical Models 2. Structure of Mathematical Models 3. Characteristics 4. Advantages 5. Disadvantages. Types of Mathematical Models: Models may be classified as: (1) Iconic (Sale) Model: An iconic model is a physical replica of a system usually based on a different scale than the original. These may appear in [...]

By |2017-02-06T21:13:33+05:30February 6, 2017|Decision Making|Comments Off on Mathematical Models: Types, Structure and Advantages | Decision Making

Markov Analysis: Meaning, Example and Applications | Management

After reading this article you will learn about:- 1. Meaning of Markov Analysis 2. Example on Markov Analysis 3. Applications. Meaning of Markov Analysis: Markov analysis is a method of analyzing the current behaviour of some variable in an effort to predict the future behaviour of the same variable. This procedure was developed by the Russian mathematician, Andrei A. Markov [...]

By |2017-02-06T21:13:32+05:30February 6, 2017|Functions|Comments Off on Markov Analysis: Meaning, Example and Applications | Management
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