Working with Mathematical Models
Most of this book focuses on fundamental mathematical concepts and how to employ those concepts using Microsoft Excel. The practical application of mathematics to an actual decision or analysis involves several related computations. These computations must be carefully designed to be valid and useful. The conceptual framework for these related computations is called a mathematical model. One of the primary strengths of Microsoft Excel is the ability to quickly implement powerful mathematical models. When mathematical models are built in Excel, they are often called spreadsheet models. This chapter illustrates some mathematical models created using Microsoft Excel.
4.1 What is a Mathematical Model? ...
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