1. One example of a situation where I used an equation to help understand a situation and make a reasoned decision was when I was budgeting for a vacation. I wanted to determine how much money I should save each month in order to reach my savings goal by the desired vacation date.
The equation I used was: savings per month = (total savings goal) / (number of months until vacation)
In this equation, the total savings goal represents the amount of money I wanted to save for the vacation, and the number of months until vacation represents the time frame I had to save. By plugging in the appropriate values, I was able to calculate the amount I needed to save each month.
2. The decision I made using the equation was to start saving a specific amount each month towards my vacation fund. This allowed me to create a budget and allocate a portion of my income towards my savings goal.
3. If I had not used the equation and made the decision without quantitative reasoning, I might have either underestimated or overestimated the amount I needed to save each month. Underestimating would have left me with insufficient funds for the vacation, while overestimating would have caused unnecessary financial strain on my budget.
4. The effectiveness/value of using quantitative reasoning in this situation was significant. By utilizing the equation, I was able to make an informed decision and create a realistic savings plan. This quantitative approach provided me with a clear roadmap to reach my savings goal, ensuring that I could afford the vacation without compromising my financial stability. Without quantitative reasoning, I would have been guessing or relying solely on intuition, which could have led to poor financial decisions.
This week we examine how to solve for an unknown quantity. Some situations may be easily modeled by single variable equations and others might be more difficult.
Due by Thursday
Respond to the following in a minimum of 175 words and in the required format:
1. Reflect on your professional or personal world and the broad concept of Quantitative Reasoning you have been introduced to. Describe an example of a situation where you used, or should have used, an equation to help understand a situation and make a reasoned decision. Write out the equation and be sure to identify what each of the elements in the equation represents.
2. What was the decision that you made using the equation in item 1?
3. What might the results have been had you not used the equation and made the decision you described in item 2 without quantitative reasoning?
4. How would you describe the effectiveness/value of having used Quantitative Reasoning?
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