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The Economist: Numbers Guide summary
Richard Stutely
The Economist
The Essentials of Business Numeracy
20 mins
Brief summary
The Economist: Numbers Guide by Richard Stutely & The Economist is an essential reference tool for anyone who needs to work with numbers. It offers practical tips for managing financial data, understanding statistics, and making accurate calculations.
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The Economist: Numbers Guide
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Key idea 1 of 8
Percentages and Rounding
Basic mathematical concepts are invaluable in plenty of everyday situations. Of course, they’re vital in business situations too, but it’s important to ensure that you’re applying these concepts correctly.
Take percentages. They can be applied to just about any problem involving financial growth or decline, but beware of the common traps!
Suppose you’ve made an investment of $1,000, which is now worth $1,700. How much has the value increased in relative terms?
Percentages will give you the answer if you first subtract the initial value from the current value$1700 – $1000 = $700then divide this difference by the beginning value and multiply by 100: ($700 ÷ $1000) × 100 = 70 percent.
It seems simple enough, but beware of the typical slip ups. First, remember: A percentage increase followed by the same percentage decrease does not leave you where you started; it leaves you worse off. So, if $1,000 grows by 50 percent, the sum is $1,500; however, a 50 percent loss on $1,500 would leave $750.
Moreover, percentages and percentage changes are often confused. If, for instance, a growth rate increases from 10 percent to 20 percent, it has risen by ten percentage points. But the percentage change is not 10 percent – it’s 100 percent, because the growth rate has doubled.
Rounding is another practical tool, but a tool that is often applied incorrectly. It is useful in day-to-day activities to simplify dealing with numbers. Values ending in four or less are rounded down, while amounts ending in five or more are rounded up.
But take care to only round the numbers after making any calculations. Take the numbers 1.5 and 2.4, which both round to 2. Now, 1.5 times 1.5 is 2.25, which rounds to 2, while 2.4 times 2.4 is 5.76, which rounds to 6. So, the right answer to “two times two” could be anywhere between two and six!
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What is The Economist: Numbers Guide about?
The Economist: Numbers Guide (1991) explores a variety of mathematical tools that are exceptionally useful across a range of business environments. These blinks reveal just how simple it is to manage risk by quantifying it, helping improve decision making in the process. The book’s mathematical notions are explained at a basic level, so no prior math knowledge is required.
The Economist: Numbers Guide Review
The Economist: Numbers Guide (2014) is an essential read for anyone looking to develop their numerical literacy and gain a deeper understanding of the world of finance and economics. Here's why this book stands out:
- It presents complex concepts in a clear and accessible way, empowering readers to make informed decisions and navigate the financial landscape with confidence.
- With its practical examples and real-world case studies, the book brings numbers to life and demonstrates their relevance in everyday situations.
- The engaging and informative content keeps readers captivated, ensuring that even the driest financial topics become fascinating and easy to grasp.
Who should read The Economist: Numbers Guide?
- Entrepreneurs wondering how to apply mathematical ideas to their business
- Anyone seeking reliable tools for making decisions in uncertain business situations
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The Economist: Numbers Guide FAQs
What is the main message of The Economist: Numbers Guide?
Master the essentials of numbers and statistics to make informed decisions in the business world.
How long does it take to read The Economist: Numbers Guide?
The reading time for The Economist: Numbers Guide varies depending on the reader's speed, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is The Economist: Numbers Guide a good book? Is it worth reading?
The Economist: Numbers Guide is a valuable read for anyone looking to improve their understanding of numbers and statistics in a business context.
Who is the author of The Economist: Numbers Guide?
The author of The Economist: Numbers Guide is Richard Stutely.
What to read after The Economist: Numbers Guide?
If you're wondering what to read next after The Economist: Numbers Guide, here are some recommendations we suggest:
- Shape by Jordan Ellenberg
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- How to Master the Art of Selling by Tom Hopkins
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- Mind Magic by James R. Doty
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- Accounting for Non-Accountants by Wayne A. Label
- The Fine Art Of Small Talk by Debra Fine