... segments to bankruptcy prediction, from recognizing hand written numbers to predicting failure rates of engines2. ANN is an interconnected group of artificial neurons (programming constructs that mimic the properties of biological neurons) that uses a mathematical or computational model for information processing based on a connectionist approach to computation. In most cases, ANN is an adaptive system that changes its structure based on external or internal information that flows through the network. Essentially they are non-liner statistical data-modeling or decision making tools. They can be used to model complex relationships between inputs and outputs or to find patterns in data3. In this report, we first explore some basic working method and structures of neural networks which will be useful in understanding their application. Next we discuss the various applications of neural networks in various industry or functional areas such as finance, marketing, medicine etc. In the last section, we analyze what are ...

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