MATHEMATIC

AL MODELING
TERMS
Abstract means something which otherwise cannot be measured or
cannot be quantified.
Linear Programming is a mathematical modeling technique in which a
linear function is maximized or minimized when subjected to various
constraints. This technique has been useful for guiding quantitative
decisions in business planning, in industrial engineering, and—to a lesser
extent in the social and physical sciences.
Mathematical language is the ability to effectively communicate through
the language of mathematics which requires mathematical understanding
of the robust vocabulary knowledge base, flexibility, fluency and
proficiency with numbers, symbols, words, and diagrams, and
comprehension skills.
WHAT IS MODELING?

A model is nothing but a replication of something

which is happening in reality. A model is a pattern
of something to be made. Like we want to
construct something but before actual construction
we want to understand it through modeling
process so we’ll draw its pattern or the diagrams.
physical model (prototypes) – it is a constructed copy of
the modelled object. It can be a model airplane, model
solar system, humanoid robot, building, bridge, etc.

schematic models – it is when we want to represent

something through a schematic diagram or a graph. This
model provides means of visualizing system structure.
MATHEMATICAL MODELING

A mathematical model is a representation of

the behaviour of real objects and phenomena in
mathematical language.
It is plus, subtract, division, multiply, all those algebraic
operations, elementary operations, square root, they are all
the symbolic representation of mathematics. Here, moving
on to a bigger scale as follows:
• Algebraic equations
• Differential equations
• Integral equations
• Algorithms
• Formula
• Theorem
APPLICATIONS
HERE IS A LIST OF MOST APPLICATIONS WHERE
MATHEMATICAL MODELING IS APPLIED:

• Epidemiology
It is the study of epidemics. In the current times,
we are fully cognizant with the word epidemic.
In the current situation of Covid-19 outbreak,
we know how much mathematics has been
helping to understand the dynamics and
predicting the curves and behavior of the virus
spread.
• Vehicular traffic
In later stages, we will learn how create the simulation models
as well so this is also coming under the category of
mathematical models. Here is an example of a simulation of
vehicular traffic:
PRINCIPLES OF MATHEMATICAL
MODELING
THESE ARE THE FUNDAMENTAL RULES OF THE
PROCESS OF MATHEMATICAL MODELING THROUGH
FOUR MAJOR STEPS:
• Optimal strategies in business

In business, you want to decide your strategies optimally. For

example, you have studied the course of linear
programming; they are in most of the business problems you
are supposed to find an optimal solution. A linear
programming formulation is also a kind of a mathematical
model.
Objectives of Mathematical Modeling
Mathematical modeling is a process that
uses the language of mathematics to:
• Analyze
• Make predictions
• Provide insight of real-word phenomena
Qualitative Method
• The qualitative method of forecasting uses market researches,
expert knowledge and consumers’ opinion & judgement to
systemize outcomes into a forecast and apply to intermediate-
or long-range decisions.
Quantitative Method
• The quantitative forecast method uses past data to forecast
future data especially with numerical data and continuous
pattern. This method is generally used for short term
predictions. It is based on mathematical models and objective in
nature.
 TYPES OF QUANTITATIVE FORECASTING
METHOD
1. Time-series Forecasting model- The time series method uses purely
historical data and underlying past identifiable patterns to predict the
future and is comparably simple and accurate over the short term.
Time Series is considered a group of data that is collected or recorded
at regular intervals i.e. on a weekly, quarterly, or yearly basis.

There are four main elements of time series:

• Trend
• Cyclic Variations
• Seasonality or Seasonal Variations
• Random or Irregular Movements
Trend
The trend in time series indicates the data tendency on the
basis of increasing trend or decreasing trend over a longer
time period.

Cyclic Variations
These variations include data repetition for more than one
year at regular intervals by following a certain pattern.
Sometimes, this is also termed as a business cycle which is
commonly used to understand the market trend.
Random or Irregular Movements
This is considered an unpredictable element of
time series and is irregular or random variations.
These types of fluctuations or variations can’t be
controlled or predicted. Also, these are
unforeseen and erratic. For example, different
disasters such as floods, earthquakes, famines,
wars fall under this category.
DIFFERENT FORECASTING MODELS OR METHODS
UNDER TIME-SERIES ANALYSIS ARE AS UNDER:
• Naive Method
• Moving Average Method
• Weighted Moving Average Method
• Exponential Smoothing Method
• Trend Projection Method