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GROWTH CURVE
A growth Curve can be defined as the graphical representation of how a particular quantity increases over time and it is mainly used in statistics to determine the type of growth pattern of the quantity. In order to determine the type of pattern, it must be linear and exponential as well as cubic.
When the type of growth is determined in a business it is possible to create a mathematical model. This mathematical model is created in order to predict the future of sales and an example of a growth curve is a country's population over time. Not only in mathematics it has widespread application in statistics also.
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The shape of this can make a big difference when a business creates a growth curve. By creating this in business it is possible to determine whether to launch a new product. It is also possible to determine whether to enter a new market.
Slow growth markets are not at all likely to be appealing and this is because there is only less room for profit. So by the exponential growth, it could mean that the market could see a lot of competitors enter the market. A curve that appears on the graph in which a variable is plotted against time is used to illustrate the growth of the variable.
It is also often modeled as being a continuous stochastic process where the stochastic process can be defined as the random process that is widely used. A stochastic process is a collection of a random variable that is often used to represent the evolution of some random value as well as a system, over time and this is the probabilistic counterpart to a deterministic process as well as to a deterministic system.
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Rather than describing a process that can only evolve in one way as in the case and for example the solutions of an ordinary differential equation in a stochastic as well as a random process there is some indeterminacy even if the initial condition or starting point is known and there are several often infinitely many directions in which the process may evolve.
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