Application of Business Mathematics in Finance, Marketing, Tourism and Behavioural Sciences: A Mini Review

Abstract

The applications of business mathematics in finance, marketing research and behavioral science have played a vital role in measuring performance and sustainability. Mathematical tools help scientists to assess statistical tools in gauging the set criteria to measure the proposed hypothesized statements. This present review study deals with a concise review of the application of business mathematics in the tourism industry. The stakeholder theory and fuzzy set theory have been used by the majority of the research papers to observe various business aspects of the tourism industry. The papers were filtered based on their relevance, impact and quality of research. The findings are in the shape of themes explored from the literary reservoir available. The value of this paper is that it has shed light on this area that is largely unexplored in terms of the overlapping between the areas of the fourth industrial revolution like machine learning, AI, analytics and metrics, big data analytics and the modern application of business mathematics for the tourism industry.