In this world of limited resources, quantifying various drivers of resource utilization using mathematical and statistical models can be highly beneficial. For instance, the proper utilization of copper in electrical cables requires precise calculations and the selection of wires with appropriate thickness based on the electrical load in a building. Similarly, in the financial services sector, quantitative techniques are widely applied, such as in the insurance industry, where premium calculations are performed using various risk assessment and mathematical models.
These mathematical models are represented using various variables; which can be a structural load, torque, power factor or true rate resulting in formulation of unique numerical relationships which provide close quantification of various financial or engineering variables.
Such computations in the modern world are performed using various software tools such as MS Excel or MATLAB etc resulting in more consistent calculations.
Number crunching in business and engineering fields is necessary for reaching close estimates and quantifying variables.
By Syed Adeel ur Rahman