Mathematical models describe a real-life phenomenon, using mathematical language. The model will not exactly be like the reality, but can be used to learn from and help us make decisions.
Leftovers are usually no issue. But what if you’re cooking for hundreds of people? Using
mathematics, specifically the Central Limit Theorem, we try to cook just the right amount.
We can use mathematics and more specifically networks to study logistics chains. In the first article we described how logistic chains work. In this second part, we go one step further and dive in the mathematics.
Think of a local car dealer selling cars in your region. To make sure new cars are delivered on time a whole mechanism involving various people, factories, and transport companies, must operate in coordination. This is a highly complex process where mathematics plays an important role.
Often due to large waiting times customers abandon shops (online or physical), and owners don't realize that they have left. We call this a loss of opportunity. This is an important concept in queueing theory.
