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Unformatted text preview: ulate, predict, or understand certain real‐world systems through mathematical modelling provides a distinct competitive advantage. Furthermore, as computing power becomes cheaper, modelling becomes an increasingly cost effective alternative to direct experimentation. How to Model? As you would have guessed by now, we encounter a variety of problems in real life, which require modelling (see the problems listed in case studies – which will be discussed at some stage or the other during the course). Each of these problems is different from others and have its own distinctive feature. Therefore, there is no definite algorithm/ precise way to construct a mathematical model that will work in all situations. Modelling is sometimes viewed as an art as well as science. It involves taking whatever knowledge you may have of the system of interest and using that knowledge to create something. Since everyone has a unique way of looking at problems, different people may come up with different models for the same system. There is usually plenty of room for argument about which model is best. It is ve...
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This document was uploaded on 01/25/2014.

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