Numerical Methods have lots of applications in real world. Write some applications of Numerical Methods in engineering field.
What is meant by “more of a good is preferred to less of good”? Consumer Behavior: People consume more and more of a good, and the marginal utility (or satisfaction) they derive from each additional unit of the good decreases. In other words, the first few units of a good are usually more valuable to people than the last few units. This principle helps to explain why people are often willing to pay more for the first few units of a good than the last few units.
LittlePeople, Inc. is a fictitious daycare center that calls parents using software on the administrator’s computers when there is a weather emergency. The school has averaged 120 families for many years. The firm would benefit from either software-defined architecture or convectional, owned hardware and software. Which would you advise LittlePeople, Inc. (plus the IRS) to adopt and why? Day Care Center: A daycare center is a facility where children are cared for while their parents work. It is a service that gives working parents peace of mind and allows their children to stay in a healthy atmosphere where they are well cared for.
How has Johnson & Johnson provided an integrated, multiproduct, multichannel customer experience? Customer Experience: Customer experience is the totality of cognitive, affective, sensory, and behavioral responses during all stages of the consumption process, including pre-purchase, consumption, and post-purchase stages.
Answer to question 1
Applications of numerical methods-
Numerical methods are algorithms used for computing numeric data. They are used to provide ‘approximate’ results for the problems being dealt with and their necessity is felt when it becomes impossible or extremely difficult to solve a given problem analytically.
It is important to recognize under what conditions a method can be followed and what starting value(s) to choose from in order to ensure that the chosen method shall work(converge).
Numerical methods can be used for-
finding root(s) of equations – Bisection method, Newton Raphson, Fixed Point iteration etc
solving ODEs – Euler method, Improved Euler, RK methods, Mid point method, Predictor Corrector methods etc
finding values of integrals – Mid point, Trapezoidal, Simpson’s rule
interpolation – Lagrange interpolation, Newton interpolation, Spline interpolation etc
Answer to question 2
Answer and Explanation: The phrase “more of a good is preferred to less of a good” is a statement of the law of diminishing returns; the marginal utility of the good (the extra satisfaction derived from producing one more unit of the good) declines. One reason for this preference is that people generally value things more when they have less of them; this is due to the law of scarcity, which states that people place a higher value on scarce things or in short supply. Another reason for this preference is that people’s needs and wants are often not fully satisfied; people usually want more of a good than they currently have to satisfy their needs and wants. Individuals generally prefer to have more of a good than less because the extra satisfaction derived from having more of the good decreases as the good increases.
Answer to question 3
Answer and Explanation: LittlePeople Inc. is an institution that serves daycare services to the parents and tends to call them using software in case of a weather emergency. It has a wide customer base, with 120 families to serve. Hence, the most suitable method out of the above is using hardware and software owned by the company. The organization needs to call the families once in a while, and in such case, using its hardware and software will be the best option because it is preowned by the institution, and hence no other cost will be made. Additionally, the software already used in the institute is sufficient to perform the required function, so there is no need to implement a new system, and the prevailing hardware and software are enough.
Answer to question 4