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While business statistics helps in keeping a record of all the essentials involved in a business, business mathematics provides the tools one needs to study and manage these records. Now, here in this subject, we will be learning about these two domains along with their applications.
This is where business mathematics comes into play. It deals with the fundamental topics that one needs to carry out business related calculations. So, here we are going to learn about the mathematical tools needed for business calculations along with their applications.
Browse more Topics under Business Mathematics. Proportions; Laws of Indices, Exponents; Logarithms and Anti-Logarithms; Simultaneous Linear Equations up to Three variables; Quadratic and Cubic Equations in One Variable; Types and Algebra of Matrices; Determinant of a Matrix; Inverse of a Matrix; Solving System of Equations by Cramer’s Rule ...
In statistics, for time series analysis two main categories of models are popular. Let us discuss the Models of Time Series Analysis. Time series is statistical data that we arrange and present in a chronological order spreading over a period of time.
Statistics refers to the study of collecting, analyzing, interpreting, presenting, and organizing data in a particular manner. To sum it up, you may refer to it as a mathematical discipline where the collection and summarization of data are carried out.
Present Value. As mentioned earlier, present value is nothing but the current cost of the total amount of cash. The simple formula to calculate present value is as follows: Suppose, the present value (P) of some quantity (A n), at the end of the value period (n), and at an interest rate (i) is:. A n = P(1 + i). ⇒ P = A n/ (1 + i) n. For i is positive (greater than 1), the value 1/(1 + i) n ...
> Business Mathematics and Statistics > Theoretical Distributions > Theoretical Distribution Theoretical Distributions Theoretical Distribution. In the real world, we rarely come across experiments with single outcomes like heads or tails. ...
From which root to take for avoiding traffic to what kind of ads will we be seeing while surfing the internet, everything is closely related to statistics. Hence, it is extremely important to learn all the aspects of statistics.
In this article, we will explore the application of statistics in important areas of our economy. The scope of statistics is confined to two main aspects - the classification and application of statistics.
Business Mathematics Types and Algebra of Matrices Types of Matrix: Matrices are basically a rectangular array of numbers either real or complex which we can denote as follows.