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How useful is math in terms of decision making?

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30th December 2020              

Reading time: 3 minutes

Introduction

What does it mean to be a good decision-maker in math?

Let’s suppose you have Rs.500 and you’re out to buy a pair of shoes. Would you buy five pairs worth Rs.100 each, or would you look for a branded pair which costs you maybe Rs. 499?

The choice would vary depending on what your purpose is. Is it for yourself or a gift? Is it an investment or do you want to switch according to the trend? There would be a few things you take into consideration before the final purchase. Making informed decisions with the available data is a skill that is developed.

Also read:


Will studying maths make you a good decision maker?

Mathematics enhances your analytical and problem-solving skills, creates the basis for systemic thinking, improves the skills required to arrive at logical conclusions, expands the mind to handle unfamiliar tasks with ease and confidence, learns through trial and error, and promotes cautious and careful thinking. Will studying maths make you a good decision maker? is mentioned below in the Downloadable PDF. 

📥 Will studying maths make you a good decision maker?

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What are the various steps involved in making impactful decisions?

This article will help you understand the various steps involved in making impactful decisions:

Observe

Remember how you used to solve data-handling problems back in school? In these problems, you didn’t simply read the data and answer the questions. Instead, you observed and assimilated the information.

Kid observing or studying educational globe model in the classroom.

When we learn to observe our surroundings, we tend to make better decisions. We observe the available options in the market, their characteristics, functionality, etc.

Similarly, the more informed your child is, the easier it gets for them to make a decision.

Estimate

When we have all the information about an item, let’s say a refrigerator, we can predict how long it may last, how much time it will take to cool the items, and how often we will have to clean the insides.

Woman using a calculator with a pen in her hand

This sort of estimation will help us in fixing a particular model as our first choice.

Compare

In junior grades, we were made to compare different shapes. Then in higher grades, we were given information to compare. Comparing is an important step to making most decisions.

Man comparing two measurements

Following the example of purchasing a refrigerator, after we estimate the functionality of different models, we would have two or more models that we like. In this situation, we would compare which one among them is better, which item is more efficient, which item is the most cost-effective, etc.

Prioritize

Once we finish comparing, we prioritize the qualities that are of use to us.

Woman in brown t-shirt holding alarm clock in hand.

It’s the same case with a math problem that is loaded with information. All we need to do is pick the information that is relevant and put it to use.

A mega-capacity French refrigerator may look fancy and exciting but it’s might be an unnecessary investment for a 3-member family.

Conclude

Concluding a decision involves finalizing our purchase.  

Portrait of happy male and female partners shaking hands

Of course, you can always follow your instinct and choose what you really like. But a good number of math exercises can ensure that your instincts become stronger. Having your child practice such exercises helps them in the long run and their decision-making skill become more precise.


Conclusion

Will studying maths make you a good decision maker?

Ofcourse!

Studying maths help you to develop your IQ level and to analyse things methodically. You start appreciating symmetry in your own life as well as around you.

When you are good with numbers, your memory sharpens and you tend to see different point of views.

So start solving problems!

Cuemath takes care of this with our aptitude exercises that students encounter on the tab. These exercises provide them with sufficient data to make quick decisions and move ahead, earning skills.


About Cuemath

Cuemath, a student-friendly mathematics and coding platform, conducts regular Online Live Classes for academics and skill-development, and their Mental Math App, on both iOS and Android, is a one-stop solution for kids to develop multiple skills.Understand the Cuemath Fee structure and sign up for a free trial.


Frequently Asked Questions (FAQs)

How useful is math in decision making?

Business mathematics summarizes and presents data in an accurate form. It becomes easier for the decision maker to take quick and necessary action immediately. The use of business mathematics assists you to make an important decision based on numerical and measurable scale and not on personal belief and opinions.

Can math make you rich?

It's causation, plain and simple: Math totally makes you rich. ... It will give you skills for which you will be rewarded with higher wages in practically every industry, because math skills are inherently valuable and having them make you more valuable.

What makes you a good decision maker?

A good decision maker chooses actions that give the best outcome for themselves and others. They enter into the decision-making process with an open mind and do not let their own biases sway them. ... Good decision-makers involve others when appropriate and use knowledge, data and opinions to shape their final decisions.



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