What are the uses of business mathematics in decision making?

Question

What are the uses of business mathematics in decision making?

3 Answers

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Answer 1

I am agree with the above member that it helps a lot when you want to invest and how much you can invest, how much you get profit and it is very useful in daily life. 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.

Answer 2

Well, it practically helps you in making better decisions with your finances, like how much you can invest, how much is the returns, will it be wise to make this kind of investment. Something like that.

Answer 3

Operations research combines the use of optimization, probability and statistics to solve problems in contextual domains such as business, energy systems, health services, financial services, telecommunications and transportation. Active areas of research often work at the intersection of these disciplines, such as the use of optimization in the estimation of large scale statistical models, optimal collection of information, and stochastic optimization.

Simple example---as a bank manager you want to assess the probability of a customer will have to wait less than 30 seconds to interface with a teller to begin a transaction, so how many tellers do you need to have available.

Certain mathematical distributions accurately portray the behavior of customer arrivals and the presence of tellers. Combining those models and manipulating the numbers will help you decide how to staff the windows.