What are the applications of numerical methods in real life?
An example of an AI chatbot conversation about applications of numerical methods in various fields.
What are the applications of numerical methods in real life?
Numerical methods are used in various fields such as engineering, physics, finance, and data science for solving complex problems.
Can you give me some specific examples?
Sure! In engineering, numerical methods help in structural analysis, while in finance, they are used for option pricing.
How do they improve accuracy in calculations?
They provide approximate solutions to problems that cannot be solved analytically, improving accuracy through iterative methods.
Are there any limitations to using numerical methods?
Yes, limitations include potential errors in approximation and the need for significant computational resources.
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