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WHAT IS APPLIED MATHEMATICS?

Applied mathematics is the application of mathematical methods to real-world problems to explain the observed phenomena or predict phenomena that have not been observed yet. This branch of mathematics was founded by historical math geniuses like Archimedes, Newton, Euler, Fourier, Gauss and many others who attained the legendary status in mathematics.

These mathematicians were interested in establishing and advancing new mathematical relationships as well as developing new methods to deal with the challenges that they faced in their day to day activities in the real world.

Nowadays, the problems that are solved by applied mathematicians come from various disciplines such as biological sciences, engineering, social sciences, physical sciences, and business. Specialists in these fields require knowledge of advanced branches of mathematics like analysis, stochastic, differential equations and various numerical methods to perform multiple duties in their areas of expertise. That is the purest definition of applied mathematics. It is merely using mathematical skills in other responsibilities.

This article will provide a simple introduction to applied mathematics by looking at the various examples of applied mathematics branches. It will serve as the perfect beginner’s guide to students who are looking at a career in applied mathematics.

Applied Mathematics in Scientific Computing and Computer Science

Scientific computing is the use of powerful capabilities that computers have to solve complex interdisciplinary problems. These problems may be problems of data management or advanced analysis and calculation of vast amounts of data. Computers use algorithms that incorporate mathematical models and formulae that help specialists in engineering, biological, or social disciplines to perform necessary operations quickly. This is done by conducting computer simulations and computations from numerical analysis.

Operations Research and Management

Operation management and research apply mathematical modeling, statistical analysis, and numerical optimization to develop the most suitable solutions to complex decision-making problems that companies have. The field makes use of mathematical models like stochastic models, Markov processes, and econometric methods to perform these calculations.

Operations research and management are essential in the areas of finance and industrial engineering. It helps engineers attain the ways to use the least input in resources like energy or material to get the most amount of products. In finance, it is used to optimize investments for the maximum profits possible while minimizing the extent of the risk for losses.

What is Applied Mathematics in Statistics

This is a field that primarily uses mathematical methods and reasoning to solve real-world problems that are of a decision making nature. It involves the collection and analysis of vast amounts of data and performing mathematical calculations to deduce information that will be used to create different choices according to the reason for data collection.

Statistics is applied in engineering, medicine, physical sciences, social sciences, and meteorology. Statistics and statistical methods help in the prediction of behavior and trends of items and occurrences like the prediction of business and financial markets, prediction of weather and climatic conditions and forecast of the behavior of materials in the engineering industry.

What is Applied Mathematics in Actuarial Science

Actuarial science is a branch of applied mathematics that uses extensive statistical methods and mathematical theories to assess, interpret and predict the risk associated with various decisions in the finance, business, economic, engineering or insurance industries. Actuaries conduct an extensive study of probability, stochastic processes, and statistical models and methods.

Actuarial science is applied in insurance industries to provide insurance companies with the technique of assuming the number of premiums to charge specific customers depending on the amount of risk involved in whatever they wish to have insured. Actuarial science is also applied to determine the investment packages that banks, financial institutions and other forms of investment companies offer to their customers.

In rare occasions, actuarial science is also applied to criminal justice where actuarial models are used to calculate the chances that an offender will repeat the crime depending on the factors that surround the offender. These factors that they consider may include age, educational background and the type or level of the crime committed.

Economics

Economics is a field of mathematics that is concerned with how people, organizations, or countries use resources. Economists use complex mathematical and theoretical models to evaluate data, human and social behavior to make decisions that are used to develop policies in households, organizations, and countries. Economics is divided into microeconomics and macroeconomics. Microeconomics deals with the analysis and development of strategies for individuals and single companies while macroeconomics deals with the development of sovereign policies that make up countrywide decisions.

Applied mathematics is applied in many other disciplines like architecture, construction, mechanics, production and many others. We may have to write a whole book to incorporate them all. There are several career advice articles on the internet, and one can find applied mathematics help any time that he or she needs it. It is helpful to do a sufficient amount of research to know the branch of applied mathematics that you prefer before committing yourself and specializing.

Applied mathematics is a relatively challenging concept for many math students across the globe. However, do not compromise on your math grades. Contact our math homework solvers for urgent applied mathematics help

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