Whereas there isn’t a specific definition for what finite mathematics is, it can be explained as a collection of topics in mathematics that only include a finite number of variables. Finite math is the branch that is currently being used to make decisions in business or public policy context. Examples of the topics that are included in finite math are matrices, linear processes, statistics, probability, graph theory, and many others. This article will explain the different branches of finite math and what mathematicians who deal with finite math do.
Mathematical modeling is creating functions or equations that describe a situation or a given application. These mathematical functions or equations are used to solve problems in a vast number of industries like economics, physics, engineering computer sciences and also social sciences. They help build tools that are used for the prediction about the effects and behavior of specific components. These predictions help engineers in the design and manufacture of items.
Mathematical models are categorized differently depending on the relationship between the variables that are involved. They can be classified into linear or nonlinear models, static or dynamic models, explicit or implicit, discrete or continuous and stochastic or deterministic models.
This is where numbers are arranged in rectangular arrays. These arrays can represent any data or system of equations. The matrices are manipulated to provide natural solutions to complex problems in accounting, business analysis, and computer programming.
Linear programming is a mathematical method that is involved with trying to get the best possible outcome from a given set of parameters or requirements that are represented in the form of linear relationships. Linear programming is commonly used in computer modeling and simulation. It uses optimization techniques to find the best solution to a given problem. It is used to find the best solution to allocate finite resources such as funds, time, space, energy, and workforce.
It is mostly used to determine the way to get the most work done by using the least resources or to get the most profit for the least amount of input.
Probability in finite math is the calculation of the extent or the likelihood that an event will occur. It is a simple measure of the ratio of the most favorable cases to the total number of the possible cases. The most straightforward probability cases and problems are calculated by just dividing the number of possible outcomes by the number of all the results in the situation. For example, if we have 3 red balls put inside a container with a total of 10 balls of different colors.
The probability of picking a red ball randomly from the container is 3 divided by 10. That is an example of a simple probability case. More advanced probability problems are solved using complex formulas and theorems like Pascal’s probability theorem, the Euler’s formula, and many others.
Statistics is the study of measurements and vast amounts of data that has been collected by using different collection methods like sampling and interpretation of the data using various statistical methods to find out a variety of descriptive characteristics of the data. The kind of data characteristics that may be obtained from statistical methods includes mean, variance, mode, and median.
These various characteristics help understand many things depending on the reasons why the data has been collected. Statistics and statistical methods have many real-life applications. Statistics is used in actuarial science in the finance and insurance industry to assess the risks involved in specific business decisions.
It is used in the demographical analysis. Statistics has applications in economics, operation research, psychometrics, quality control, engineering, and many other disciplines.
Logic is the study of reasoning based on statements and propositions. Logic governs the structure and presentation of mathematical proofs. It is a branch of mathematics that expresses statements that are either true or false into equations that can be manipulated and calculated to deduce and find solutions for many mathematical and real-life problems.
The study of logic is closely related to the study of probability and statistics. Most equations that are worked upon in this branch of mathematics involve the determination or prediction of whether a statement or an expression is true or false. Logic has substantial applications in the development of algorithms and coding in computer science and programming.
Finite mathematics is sometimes called discrete mathematics. The simplest way to explain finite math is that it is a branch of mathematics that is only concerned with situations that have definite answers. Finite mathematics avoids topics that have consecutive numbers or functions. It is a branch that would more preferably deal with integers rather than non-integer numbers and functions. Real and continuous numbers and functions do not fall into the category of finite mathematics.
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