Types of Mathematical Model.

Types of Mathematical Model. Iconic, analogical, symbolical, deterministic, stochastic, static and dynamic

1. OMega TechEd TYPES OF MATHEMATICAL MODEL 5

2. BUSINESS INTELLIGENCE Types Of Mathematical Models Mrs. Megha Sharma M.Sc. Computer Science. B.Ed. OMega TechEd

3. Mathematical Models A  mathematical model  is a description of a system using mathematical concepts and language. The process of developing a mathematical model is termed  mathematical modeling OMega TechEd

4. Types Of Mathematical Models ICONIC STOCHASTIC DETERMINISTIC ANALGOICAL SYMBOLICAL DYNAMIC STATIC CHARACTERSTICS TEMPORAL DIMENSION PROBABILISTIC NATURE OMega TechEd

5. ICONIC Physical replicas are referred to as Iconic Models Iconic model is material representation of real system, whose behaviour is follows for the purpose of analysis. E.g. Miniature model of airplane, car or bridge OMega TechEd

6. ANALOGICAL Analogical model are small physical system that have similar characteristics and work line an original object or system. They are not replica of problem situation. Actual system is complex and might not allow direct handling or manipulation E.g. Organization charts, showing structure authority and responsibility relationship. OMega TechEd

7. SYMBOLICAL Symbolic model is an abstract representation of a real system. It is intended to describe the behaviour of the system through a series of symbolic variables, numerical parameters and mathematical relationships. E.g. Graphs, Chart table.

8. DETERMINISTIC All data inputs are supposed to be known a prior with certainty. In this model everything is predefined, and results are uncertain. Beneficial for a variety of management problems. a deterministic system is a system in which no randomness is involved in the development of future states of the system. A deterministic model will thus always produce the same output from a given starting condition or initial state It can help to reach the right business based on an ideal customer profile. E.g. Calculation to determine selling price if cost price is 200 and profit is 20% OMega TechEd

9. STOCHASTIC A stochastic model is a tool for estimating probability distributions of potential outcomes by allowing for random variation in one or more inputs over time. In this model some input information represents random events and is therefore characterized by a probability distribution. In these models some inputs to the model are not known with certainly. Often used for strategic decision making involving an organization relationship to its environment. E.g. Predictive models, waiting line models. OMega TechEd

10. STATIC A  static model  describes the  static  structure of the system being modeled, which is considered less likely to change than the functions of the system. Static model consider a given system and the related decision-making processes within one single temporal stage. E.g. Regression Models. OMega TechEd

11. DYNAMIC The dynamic model represents the time–dependent aspects of a system. It is concerned with the temporal changes in the states of the objects in a system. With a dynamic model processes are continuously adjusted based on an analysis of context specific failures and ensure that each step contributes to positive result. E.g. An order interacts with inventory to determine product availability. OMega TechEd

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