on Monday, January 18, 2010
Lawrence J. Gitman
has defined finance as 'an art and science of managing money'. It implies that finance is Both
art and science. Finance is a matured science since it provides knowledge as to how and at what time a firm should invest to outstrip other firms.
On the other hand, finance is also an art. In modern time, finance has become more analytical. The new financial
theories have been developed. Many data have been developed to prove these theories right or wrong. the financial mangers should examine the different
alternatives related to the raising and managing money. they should formulate the models to predict
the results obtained from the use of any one alternative.
In this way, the new theories, models and methods have
made finance scientific. But the financial
theories cannot be accurately compared with the 'Scientific Method' that applies to physics
science. Physics predicts as to what happens from an action. for example, physics says that if a ball is thrown upward, that eventually falls down. This is not true in finance. For example, the financial analyst can predict from the historical trend that the rate of interest will change in a definite pattern. But, in reality, the rate of interest may change in different pattern. Despite this, financial guidelines and theories are useful in financial decision
making. But any decision should be made by mixing those guidelines with self-skill. According to R.A. Stevenson, in modern time finance is a 'scientific art'. He opines 'finance is the science of knowing how to predict financial consequences and the art of knowing when to act'. It assists the financial managers of today to avoid the difficulties of tomorrow.
Statistics is a form of Mathematics
i think its both an art and a science
why you say surveying is an art and science
Art and Science
Economics is a social science because it is a field of study dealing with society and human behavior.
Leadership is an art, art can not be tought. leaders are born not made
Criticise that statistics is a science of counting
A.L. Bowley defined statistics as"statistics is the science of counting"
Food Science( for standard XI only),Political Science, Agriculture Science and Technology, Animal Science and technology, Information Technology (Science), Mathematics and Statistics (For Art and Science).
what is the importance of statistics?
Economics is both science and an art. It is a science because there exist lots of principles, laws and fundaments in economics. Statistics as part of economics also involves lots of theorems and principals. It is the art of implementation of these principles through which we could solve and analyze many economic and commercial problems
There are many reasons why statistics in are in important in a field of computer science. These statistics help improve computers.
That "statistics is an art" is merely a common turn of a phrase. Statistics are in fact firmly based in mathematics which is widely regarded as one of (if not the) purest sciences. However, the presentation and general (-y public) use of statistics on the other hand, is sometimes regarded as a largely deceptive practice which relies on subtle wording, technical definitions, and misdirection to relay a perceived meaning to the statistical results which is not necessarily there. That one set of numbers can relay two different meanings based on how they are presented is not the "art" of how you use the tools of statistics, the numbers and methods are absolute. The public interpretation of those statistics, which is more the realm of public speaking (pandering or propaganda) is the so called "art" and relies on the general ignorance of statistics along with their interpretation and employ. Short answer: It's not a science if you give those numbers to a liberal arts major (or anyone with an agenda).
Statistics is essential in making informed decisions in various fields like economics, healthcare, and sports. For example, in the healthcare sector, statistics helps in analyzing medical data to identify patterns and trends, leading to improved treatments and patient outcomes. It is both a science, involving the collection and analysis of data, and an art, as interpreting and communicating statistical findings effectively requires creativity and expertise.
Statistics is the art of lying with numbers.
Political science is considered both an art and a science because it combines empirical research methods and data analysis (science) with interpretation, analysis, and judgment of political behavior and institutions (art). It involves the systematic study of political systems, government policies, and political processes using both quantitative and qualitative methodologies.
Statistics is considered to be a science due to its nature. There different scientific processes that are used in collecting, computing and analyzing data for statistics,.
It is an art as it can not be a science.