Set theory does have many practical business applications. Some of these include how the Turing machine is used in computer science, and the theory of crisis of foundations in math.
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Why is it important to be able to identify sets and set theory as related to business operations?
Im not sure if there is any application of set notation and set theory, however set notation is important when you start learning about the domains and ranges of functions.
It develops the power to apply logic and logic is an intigral part of mathematics. More over application of venn diagrams helps to get solutions of complicated questions easily. Set theory is a combination of art, logic and calculations.
Classical theory is a reference to established theory. Fuzzy set theory is a reference to theories that are not widely accepted.
Set theory was founded by Georg Cantor in 1873.