## Philosophy of Mathematics

Mathematics is deeply imbedded in virtually all fields of work as well as everyday decision making of our daily lives. The human mind wants to be able to assign comparable values to various actions in order to determine which is the best option to take. Thus, an understanding of various equations and other mathematical processes to asceses levels of risk is considered essential by all modern businesses. This is where actuary science comes into play preforming various calculations and analyses actuaries utilize probability and statistics to quantify real world events. Allowing the prediction of the likelihood of an occurrence along with costs and or benefits firms, the economy, and individuals would receive as a result. For example, say a firm is considering various investment opportunities or projects to engage in an actuary would perform a risk analysis determining if each project would benefit the firm by calculating the net present value of each option. Next, he or she would compare each option to determine the one which adds the most value to the firm. It is an actuary’s responsibility to translate their mathematical reasoning and analysis into detailed and easy to interpret reports so managers are able to make informed decisions.

Applying mathematics to real world scenarios requires critical thinking the ability to adapt to changing circumstances. Assigning numerical values to various aspects of our world helps us identify these changes and mathematical processes allow us to examine how these changes will affect our lives and the decisions we make. Mathematics also helps us communicate our reasoning and circumstances to others across language and cultural barriers when combined with modern technology we can share troves of data around the world collaboration across borders as well as ability to sift through large amounts of data and preform calculations and processes that would take a team of mathematician’s months to complete if they could at all.

Actuaries today use the access to data to ensure they have more than enough of a sample size when evaluating risk factors for an insurance policy or the trends in a certain market before condensing their conclusions into a format where those who are unable to interpret the data will understand its significance though various charts and data displaying programs. Actuaries need an active understanding of these programs as well as other technological tools in order to preform efficient data analyses and present their findings to non-actuarial colleges. These technological tools typically take the form of programs such as excel and google sheets however, some firms may request the use of some lesser known programs for calculations and display of results so it is beneficial for an actuary to develop an general understanding of how programs used for the display of financial information typically function in order to promote adjustment to new programs.

Applying mathematics to real world scenarios requires critical thinking the ability to adapt to changing circumstances. Assigning numerical values to various aspects of our world helps us identify these changes and mathematical processes allow us to examine how these changes will affect our lives and the decisions we make. Mathematics also helps us communicate our reasoning and circumstances to others across language and cultural barriers when combined with modern technology we can share troves of data around the world collaboration across borders as well as ability to sift through large amounts of data and preform calculations and processes that would take a team of mathematician’s months to complete if they could at all.

Actuaries today use the access to data to ensure they have more than enough of a sample size when evaluating risk factors for an insurance policy or the trends in a certain market before condensing their conclusions into a format where those who are unable to interpret the data will understand its significance though various charts and data displaying programs. Actuaries need an active understanding of these programs as well as other technological tools in order to preform efficient data analyses and present their findings to non-actuarial colleges. These technological tools typically take the form of programs such as excel and google sheets however, some firms may request the use of some lesser known programs for calculations and display of results so it is beneficial for an actuary to develop an general understanding of how programs used for the display of financial information typically function in order to promote adjustment to new programs.