We represent the main stages of the process of mathematical modelling as fuzzy sets in the set of the linguistic labels of negligible, low intermediate, high and complete success by students in each of these stages and we use the total possibilistic uncertainty as a measure of students' modelling capacities. A classroom experiment is also…

In this article, we examine the use of a new binary integer programming (BIP) model to detect arbitrage opportunities in currency exchanges. This model showcases an excellent application of mathematics to the real world. The concepts involved are easily accessible to undergraduate students with basic knowledge in Operations Research. Through this…

The role of optimization in mathematical, physical, biological, social, and management sciences is examined. A plea is made for giving optimization a central place in the mathematics education of scientists and technologists. (Author/MK)

An inventory replenishment policy is developed for a deteriorating item and price-dependent demand. The rate of deterioration is taken to be time-proportional and the time to deterioration is assumed to follow a two-parameter Weibull distribution. A power law form of the price dependence of demand is considered. The model is solved analytically…