Mathematical Models

For the exam, all you need to understand about mathematical models is that they use linear, dynamic, integer, nonlinear, and/or multi-objective programming in the form of algorithms—or in other words, a specific set of steps to solve a particular problem. These are complicated mathematical formulas and algorithms that are beyond the scope of this book and require an engineering, statistical, or mathematical background to fully understand. Organizations considering undertaking projects of enormous complexity might use mathematical modeling techniques to make decisions regarding these projects. Mathematical models are also known as constrained optimization methods. The vast majority of project selection techniques will use the benefit measurement methods to make project selection decisions.

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Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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