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A Handbook of Mathematical Models with Python

A Handbook of Mathematical Models with Python

By : Ranja Sarkar, Dr. Ranja Sarkar
4.1 (7)
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A Handbook of Mathematical Models with Python

A Handbook of Mathematical Models with Python

4.1 (7)
By: Ranja Sarkar, Dr. Ranja Sarkar

Overview of this book

Mathematical modeling is the art of transforming a business problem into a well-defined mathematical formulation. Its emphasis on interpretability is particularly crucial when deploying a model to support high-stake decisions in sensitive sectors like pharmaceuticals and healthcare. Through this book, you’ll gain a firm grasp of the foundational mathematics underpinning various machine learning algorithms. Equipped with this knowledge, you can modify algorithms to suit your business problem. Starting with the basic theory and concepts of mathematical modeling, you’ll explore an array of mathematical tools that will empower you to extract insights and understand the data better, which in turn will aid in making optimal, data-driven decisions. The book allows you to explore mathematical optimization and its wide range of applications, and concludes by highlighting the synergetic value derived from blending mathematical models with machine learning. Ultimately, you’ll be able to apply everything you’ve learned to choose the most fitting methodologies for the business problems you encounter.
Table of Contents (16 chapters)
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1
Part 1:Mathematical Modeling
4
Part 2:Mathematical Tools
11
Part 3:Mathematical Optimization

Exploring Optimization Techniques

This chapter primarily aims to address the question, “Why is optimization necessary while solving problems?” Mathematical optimization, or mathematical programming, is a powerful decision-making tool that has been talked about in depth in the chapters of Part I. What is important is to recall the simple fact that optimization yields the best result to a problem by reducing errors that are, essentially, the gaps between predicted and real data. Optimization comes at a cost; almost all optimization problems are described in terms of costs such as money, time, and resources. This cost function is the error function. If a business problem has clear goals and constraints, such as in the airline and logistics industries, mathematical optimization is applied for efficient decision-making.

In machine learning (ML) problems, the cost is often called the loss function. ML models make predictions about trends or classify data wherein training...

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