Essentially, it’s the application of mathematics to real-life problems and issues, with the goal of explaining observed phenomena and predicting new, unobserved phenomena. Thus, the emphasis is on both the mathematics and the development of new methods, and the real world.
The real-life problems come from different applications, such as physical and biological sciences, engineering and social sciences. In order to solve these problems, expert knowledge must come from various branches of mathematics. These areas may include analysis, differentially equations and stochastics (the point of a current price in relation to its price range over a period of time), utilizing analytical and numerical methods.
Practical applications have often been the catalyst in the development of new mathematical theories, which have then become the subject of study in pure mathematics, where abstract concepts are studied for their own sake.
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