Mathematics – The Foundation of Effective Business Decision Making

Mathematics plays a principal role in almost all aspects of our daily life. However, it is the business landscape that it can influence radically. Everyone knows that most business decisions are solely based on records and mathematical calculations. When it comes to decision making, mathematics is something that cannot be emphasized enough.

Decision making is a serious undertaking as it is the thin line that demarcates success from failure. Whether it is about calculating the risk percentage or changes of success, one’s skills at mathematics can play a pivotal role in deciding his business’ fate.

From elementary arithmetic to fractions, decimals to probability and statistics, your mathematical skills can make or break your business as it potentially impacts your decision-making abilities. According to a study published in the Journal Of Mathematical Psychology, if a student is good at mathematics, there are greater chances he/she will be a successful businessman as compared to his/her counterparts.

This is also because mathematics is a vital tool used at every single step of decision making. Had it not been for the presence of mathematics, business owners would not have been able to know all the angles and make decisions that transform their business into a money making machine.

Good and fruit-bearing decisions are those that are made after the proper assessment of data. Not only in business, but in almost every single aspect of our life there is a wide assortment of data available for analytical insight and inspection. In such a scenario, a business man should not only be competent to make accurate decisions, but should also be willing to take full responsibility of his actions in case things do not go as planned.
Talking about mathematics in the U.S., an article published by CNN revealed that math and science education in our country needs improvement. There are many inequalities prevalent within the system, and instead of having all students of a certain grade level on the same page, a student’s skills are influenced by trivial factors like the state, district you live in and the school you go to.

The root of the problem is that the system is such that children are not getting equal opportunities to learn the same mathematics which is indeed disturbing. What has further made things difficult for students is that unlike Asia or Europe where certain standards are followed at a national level, the case is not so in the U.S.
Perhaps, this is this reason that despite the tumultuous economic times, our students are deterred from going down the entrepreneurship path. The country’s youth does not find itself capable of making decisions even when so much capital is at stake. While at one end, one may say that lack of financial resources are the reason entrepreneurship has not prevailed to the extent it should have, what cannot be denied is that the country’s education system deserve to be blamed.

It is not just about improving a student’s mathematical skills only. Even if students choose to work instead of setting up their own business, they can be more productive with great mathematical skills and are more likely to spell success.

In a nut shell, the government should take measures to improve the level of math and science taught at school. Only then we will be able to boast of a youth knowing how to exceed in all areas of life.