There are numerous mathematical ideas and concepts that we unconsciously use in our daily lives to make our business decisions more effective and profitable. But it is worth an effort if you can consciously recognize these mathematical concepts and make them a part of our decision-making.
Break - Even Point
Break - Even Point Analysis is a very significant way of interpreting our business decisions and optimum levels of outcomes. Mathematical curves can be used to determine the break - even point in terms of quantity as well as in terms of value. Such analysis can help us make better decisions.
Opportunity Cost
Mathematics can help us compare the cost of two products and thus enable us to make better decisions.
Probability
In mathematics, this is the most important field of study. Probability is a scientific term which adds rationality to our brainstorming sessions. Mathematical probability can enable us to forecast the future conditions using concrete sets of available mathematical data.
Percentages and Ratios
Mathematical ratios can enable us to make predictions and thus ensure that our malfunctioning departments are closely supervised.
