Explain the role of mathematical model in business decision making
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Mathematics can be used to represent real-world situations. The instruments used to represent real world in such a manner are called mathematical model. Therefore, they help us understand how the real world works.
Most models do not recreate the real world as it is, but they offer a simplified approximation of the real-world situations.
Most models do not recreate the real world as it is, but they offer a simplified approximation of the real-world situations.
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