The Importance of Mathematics In BusinessMathematics plays an important role in our every day life, for example we have to be able to calculate the discount in a shopping mall, the interest when we get a loan from the bank, when we change money into a different currency, just to make sure we are not being taken advantage of, calculate the score in a class exam or our car mileage, all these to make our life easier.
Mathematics is used in some of the top jobs such as business consultants, computer consultants, company directors; these jobs require a solid understanding of basic mathematics and in some cases require a quite detailed knowledge of mathematics. ''Business management requires a basic knowledge of mathematics to record and manage business operations like: elementary arithmetic such as fractions and percentages, algebra, statistics and probability as well as by using more advanced mathematics like calculus, matrix algebra and linear programming''.
Percentage it's very useful for those working in selling, they have to be very quick with mental calculations, because the more percentage discount you give a customer, the less profit the company will make, and you will be paid less.
''Management decisions are based on numerous pieces of information obtained from many different sources. They may have used one, some or all the techniques which have been described as Statistical Method, Management Mathematics or Probability. What the decisions will all have in common however is that they are the final product of a general structure known as investigation or survey''.
Much of what you will come across in economics will be relationships between different variables. ''The Probability can be thought of as the ability to attach limits to area of uncertainty. For example, company profit for next year is an area of uncertainty, since there will never be the type of information available that will enable management to forecast it's value precisely. What can be done however, given the likely state of the market and a range of production capacity, is to calculate the limits within which profit is likely to lie. Thus calculations can be performed which enable statements such as 'there is a 95% chance that company profit next year will lie between $242,000 and $296,000' to be made se 'variables' as their name suggests can take on many different values.
role of mathematics and statistics in business decision making
In order for one to know how to handle the business.
Information technology and mathematics offers skills needed in the areas of statistics, logic and decision making. This combination is also important in research. The skills of mathematics and information technology is needed for software development.
what are the importance of quantitative techniques in managerial dicision making
Decision theory, the modeling and study of man's decision-making, is arguably most important because in learning how we make decisions, we can learn to make better ones. A link is provided to the Wikipedia article on decision theory, which, by the way, is subject of discreet mathematics. The curious person would surf on over and at least skim the article.
role of mathematics and statistics in business decision making
In order for one to know how to handle the business.
The importance of decision making is that it helps in planning for the next course of action. In business, good decisions will yield great returns on investment.
To facilitate decision making and effective managing of the business.
importance of the decision making unit
Information technology and mathematics offers skills needed in the areas of statistics, logic and decision making. This combination is also important in research. The skills of mathematics and information technology is needed for software development.
R. G. Coyle has written: 'The riches beneath our feet' -- subject(s): Mines and mineral resources, Mineral industries, History 'Decision analysis' -- subject(s): Decision making, Statistical decision 'Mathematics for business decisions' -- subject(s): Business mathematics
David Targett has written: 'The Pocket guide to business numeracy' -- subject(s): Business mathematics, Dictionaries, Numeracy 'Analytical Decision Making'
what are the importance of quantitative techniques in managerial dicision making
analysis of demand contribute to business decision making
explain the importance of each of the four steps in a simple decision-making models?
Kyohei Sasaki has written: 'Statistics for modern business decision making' -- subject(s): Mathematical statistics, Probabilities, Statistical decision 'Introduction to finite mathematics and linear programming' -- subject(s): Linear programming, Programming (Mathematics)