The Economist Guide to Business Numeracy

The Economist Guide to Business Numeracy

by Economist Books Staff
     
 

On rounding: Two times two makes four. Right? Wrong! The answer could be anywhere between two and six when dealing with rounded numbers. On percentages: If the inflation rate rises from 10% to 12%, it has risen by two percentage points, but the actual percentage increase is 20%. On probability: The probability of dealing a five-card hand containing four aces is… See more details below

Overview

On rounding: Two times two makes four. Right? Wrong! The answer could be anywhere between two and six when dealing with rounded numbers. On percentages: If the inflation rate rises from 10% to 12%, it has risen by two percentage points, but the actual percentage increase is 20%. On probability: The probability of dealing a five-card hand containing four aces is 48/2,598,960=0.0000185 or 1 in 54,145. Not something to put money on. Are you intimidated at the thought of numbers in planning, forecasting, and monitoring? Does the idea of having to interpret last quarter's results deprive you of sleep? Now, from the Group which publishes one of the world's most respected business magazines, comes a book which is a comprehensive guide to using numbers to solve problems and make decisions in a business environment. The Economist Guide to Business Numeracy brings together dozens of quantitative techniques that you can use to maximize your business performance. You'll learn how to use proportions and percentages to calculate interest and evaluate investments; probability to assess risk; summary measures to interpret and analyze data; normal distribution for modeling risk; and charts and tables to order and interpret data. The Economist Guide to Business Numeracy also offers a number of methods to maximize business decision making. You'll learn how to use sampling in collecting inputs to decisions; sample data to reach the best decisions; and decision trees, game strategy, queuing, and Markov chains to improve your business judgment and streamline project management. Every concept is illustrated with a real-life business example to emphasize the concepts presented. Written for the nonmathematical specialist in concise, nontechnical language, and replete with charts, graphs, and tables that help explain the concepts presented, The Economist Guide to Business Numeracy is an invaluable reference for any business professional determined to maximize his or her business skills

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Product Details

ISBN-13:
9780471305545
Publisher:
Wiley, John & Sons, Incorporated
Publication date:
10/13/1993
Pages:
240
Product dimensions:
5.51(w) x 8.50(h) x 0.67(d)

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