Question

Define:

a. Model, Variables, Parameters

b. Constraints in linear programming

c. Mathematical relationships known with certainty and probabilistic conditions(risk model)

Answer 1

A:- Model in statistical analysis is basically set of analysis which builds scenarios to observe the charecteristics of a particular requirement. A variable in mathematics is a symbol which has multiple values and its values will not be constant . A variable are the mutli level attributes which is an input for a particular model. For eg Climate analysis of a region the variables would be factors influencing the temperature variations.

A parameter is very similar to a particular variable in that the value also will varies (but the major difference is  normally defined as being within a designated area), The parameter is generally linked between two variables.

2:- Constraints are equalities or inequalities in a linear programming which defines the overall objective or the programming.This is for maximizing or minimizing the given situation which gives a set of range of information.

3:-Mathematical modelling helps in decision making which is very much required in the analysis of certainity and probabilistic conditions. It also derive significant impact on risk assesment and the severity of risk associated with it.Quntitative analysis can be done with the help of mathematical modelling.