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Mathematical modeling in foreign trade contracts

Author

Listed:
  • Valeriy Viktorovich Ivanov

    (Russian Foreign Trade Academy; National research university “MIET”, Moscow, Russia)

  • Yuriy Karenovich Sarkisyants

    (Russian Foreign Trade Academy, Moscow, Russia)

Abstract

The article presents principles and algorithms of sales contract modeling with big data processing. Special emphasis is made on practical issues of selection and adjustment of mathematical models for each part of the algorithm. The authors suggest a complete contract model linking together different mathematical models into a single system for forming and monitoring execution of a foreign trade contract. When choosing the tools, the authors take into account the latest trends in data science, technical and technological innovations, as well as specific characteristics of conducting foreign trade. The suggested technology of contract modeling is based on experimental data analysis and big data forecasting. This approach allows to enhance the efficiency of contract business processes, exclude human factor and significantly mitigate possible losses caused by inaccurate and superficial predictive analysis.

Suggested Citation

  • Valeriy Viktorovich Ivanov & Yuriy Karenovich Sarkisyants, 2020. "Mathematical modeling in foreign trade contracts," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 5, pages 77-92, May.
    • Handle: RePEc:alq:rufejo:rfej_2020_05_77-92
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