Book Image

A Handbook of Mathematical Models with Python

By : Dr. Ranja Sarkar
Book Image

A Handbook of Mathematical Models with Python

By: 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)
1
Part 1:Mathematical Modeling
4
Part 2:Mathematical Tools
11
Part 3:Mathematical Optimization

Mathematical modeling – a prescriptive tool

Businesses often make complex decisions about their course of action to achieve objectives with the help of mathematical modeling or heuristics. A mathematical model in this sense is a prescriptive analytical tool. Answering the “where” and “when” is as important as answering what happened in the past (descriptive analytics) and what could happen in the future (predictive analytics). If a business wants to drive decisions from data in addition to insights and future predictions, it has to use both predictive and prescriptive tools in an integrated fashion.

Figure 2.8: Mathematical optimization or mathematical modeling

Figure 2.8: Mathematical optimization or mathematical modeling

We will have a look at examples from industry verticals wherein these work in tandem, resulting in higher productivity and profitability.

Finance

Financial services, including banks, rely on ML models as well as mathematical models to determine the right...