Give a minimum of two examples of types of models and explain what outcome is expected from the model.

What is a mathematical model?

 

  1. Give a minimum of two examples of types of models and explain what outcome is expected from the model.
  2. Provide two well defined real world practical applications of the use of a mathematical model to solve a business problem. One model must be deterministic and the other must be probabilistic.
  3. Show how the business problem was solved using each of the models presented in part c and explain in detail the results of each.