BUILDING A MATHEMATICAL MODEL - Quantitative Techniques for management

Model building in Quantitative techniques

Building a mathematical model in quantitative techniques for your project can be challenging, yet interesting, task. A thorough understanding of the underlying scientific concepts is necessary and a mentor with expertise in your project topic is invaluable.

It is also best to work as part of a team to provide more brainstorming power. In industry and engineering, it is common practice for a team of people to work together in building a model, with the individual team members bringing different areas of expertise to the project.

Although problems may require very different methods of solution, the following steps outline a general approach to the mathematical modeling process:

  1. Identify the problem, define the terms in your problem, and draw diagrams where appropriate.
  2. Begin with a simple model, stating the assumptions that you make as you focus on particular aspects of the phenomenon.
  3. Identify important variables and constants and determine how they relate to each other.
  4. Develop the equation(s) that express the relationships between the variables and constants.

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Quantitative Techniques for management Topics