By Richard Stutely
ISBN-10: 1576601447
ISBN-13: 9781576601440
Designed as a significant other to The Economist variety consultant, the best-selling consultant to writing variety, The Economist Numbers consultant is invaluable to someone who desires to be powerfuble and ready to converse successfully with numbers.In addition to basic recommendation on simple numeracy, the consultant issues out universal mistakes and explains the well-known suggestions for fixing monetary difficulties, analysing info of any sort, and powerful selection making. Over one hundred charts, graphs, tables, and have containers spotlight key issues. additionally incorporated is an A–Z dictionary of phrases overlaying every little thing from amortization to zero-sum game.Whatever your online business, The Economist Numbers consultant will turn out beneficial.
Read or Download Numbers Guide: The Essentials of Business Numeracy, Fifth Edition (The Economist Series) PDF
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Additional info for Numbers Guide: The Essentials of Business Numeracy, Fifth Edition (The Economist Series)
Example text
5 probability of a tail. One of these two events must happen (excluding the chances of the coin staying in the air or coming to rest on its edge), so the probabilities must add up to one. If the probability of something happening is known, then by definition the probability of it not happening is also known. 4 probability that it will not rain. ) Assigning probabilities using logic. When the range of possible outcomes can be foreseen, assigning a probability to an event is a matter of simple arithmetic Reach for the coin again.
If you are selecting a new calculator, choose one with basic operations (+ - x and -) and at least one memory, together with the following. • Exponents and roots (probably summoned by keys marked xy and x1/y): essential for dealing with growth rates, compound interest and inflation. ): useful for calculating permutations and combinations. • Logarithms (log and 10x or In and ex): less important but sometimes useful. • Trigonometric functions (sin, cos and tan): again, not essential, but handy for some calculations (see TRIANGLES AND TRIGONOMETRY).
The most common money problem is dealing with investments which produce differing returns over different time periods. The word investment is used loosely here to mean either fixed investment in capital projects or savings investments. In terms of numerical analysis, the two are much the same. Usually the objective is to find the highest yielding investment. Since one person’s outflow is another’s inflow, exactly the same arithmetic also relates to finding the cheapest loan. In its simplest form, the problem reduces to one of measuring alternatives against a standard yardstick; for example, a completely safe interest-bearing bank account.