Difference between deterministic model and stochastic model

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Reference no: EM131069510

Question -

a) What is mathematical model?

b) The process of mathematical modeling can be divided into three major parts.

i) Formulating of the model.

ii) Mathematical manipulation of the model.

iii) Evaluation of the model.

Briefly describe what is involved in each of the three steps.

c) Explain the difference between a deterministic model and stochastic  model.

Reference no: EM131069510

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