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essential attributes of linear programming models and its uses
Many things in nature tend to grow in an exponential fashion, meaning their growth is relative to their size at the moment. Bank investments, bacterial colonies, and numerous examples in physics follow such models. In order to remove the exponents and get linear equations which are far more manageable, logarithms can be used.
An exponential decay function describes a process where a quantity decreases at a rate proportional to its current value, leading to a consistent halving time. This means that after each fixed interval, the quantity reduces to half of its previous amount. For example, in radioactive decay, the halving time remains constant regardless of how much of the substance is left, illustrating the characteristic nature of exponential decay. Overall, it models many real-world phenomena where resources diminish over time.
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we can use timeseries in forecasting future values depending upon current and past values. we can also construct ACF and PACF plots and can know how many spikes are there in linear stationary models.