Mathematics and Decision Making
We all make many decisions every day: from the clothes we put on according
to weather predictions to the routes we choose to run errands.
Mathematics and decision making includes such ideas as probability,
risk, uncertainty, and prediction. Financial decision making incorporates
such techniques as portfolio optimization, option processing, and
risk management.
The above image shows a mathematical model of a high speed production
floor with an automated material handling system,
taking into account the random nature of shop floor production and stock replenishment.
The model determines where bottlenecks will occur, and what will happen as
system variables such as conveyor speeds and sorting rules are changed.
Visit the 1996 Mathematics Awareness Website for more information.
April is Mathematics Awareness Month.
Each year the mathematics community
celebrates the importance of mathematics in our lives.
The theme for 1996 was "Mathematics and Decision Making".
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