During this COVID-19 period, everything is in flux. Our everyday parlance has evolved to include words and phrases such as, “Zoom call”, “lockdown” and “R nought”. How many of us predicted that this would become our “new normal”, a few months ago when we rang in 2020?
At an individual level, we rely on the efforts of industries, such as weather, transportation, and financial services, to predict how our tomorrow might look. During times of crisis, these predictions, or models, are even more crucial to how we stay safe.
What Is a Model?
Models enable us to simulate real-life situations with mathematical equations so we can forecast future behaviour. Mathematical modelling uses theoretical tools such as queuing theory, decision theory, and linear programming, and requires large amounts of numerical processing.
Models are an integral toolset in multiple industries, including Life Sciences, Economics, Aerospace, Automotive and Meteorology. The mode of transport you travel on, the taxation policies that impact you, the weather app you use, these will all have been designed and formulated with models used somewhere in the process, from idea to implementation.
