The Applications and Utilizations of Artificial Neural Networks Systems Is Explained Here
Evolution of human brain has resulted in the evolution of subjects; with Artificial Neural Networks assignment help from 24x7assignmenthelp.com; you can understand the applications of neural networks in Management systems.
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What is an Artificial Neural Network?
- It is a computational system.
- The system is inspired by the capabilities of a human brain to Structure, Process and Learn.
The characteristics of Neural Networks:
- Mapping capabilities. They can map input patterns to the output patterns.
- Capability to generalise.
- Robust systems. Hence tolerates faults.
- They can identify full patterns from incomplete or noisy patterns.
- Process information at high speed and in a distributed manner.
Neural Networks are used to:
- Predict future events, from the patterns observed in historical training data.
- Classify unseen data, based on the characteristics of training data.
- Cluster the training data into natural groups.
The elements are:
- Processing Units
- Learning Algorithm
- Pattern Classification
- Function approximation
- Content-addressable Memory
Neural Networks can be applied in various fields of management. Such as:
Field Of Marketing:
Marketing decision problems which were previously solved by multivariate statistical analytics can be solved by Neural Networks nowadays. It can analyse the market statistics depending on the consumer habits of;
- Market response
- Spending patterns of consumers
- Identification of customer characteristics
- Product analysis.
Field Of Finance:
It is generally used in modelling and forecasting problems due to its prediction methods. It is applied o approximate any nonlinear function. For its complex dynamic relations, it is highly used in financial fields to predict the changes in the values of fixed assets or stocks, currencies, etc.
Field Of Manufacturing and Production:
Neural Networks forecasts the problems like; production costs, delivery dates, quality control and optimisation. With an intensive application, it is highly used in managing the products and services of the business.
Field of Strategic Management and Business Policy:
It is an efficient tool to determine and clarify the relationship between the two areas; impact of strategic planning and role of strategic planning. It helps in simulating the effects of decision making.
The advantages are:
- Provides highly accurate results than manual assumptions.
- Automatically handles variable interactions.
- Suitable for the dynamic environment as updating of the models are easy.
- Does not miss or calculate inaccurate data.
- A reliable tool to perform simulations for predicting.
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