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.
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All things are sorted or categorized in this world. We need to know the proper equation to find the solution to which set theory is best for our purpose.
It really depends on fields. In my view the 3 most important math fields that are important in computer science are: Discrete maths - Set theory, logic, combinatorics Number theory - Vital in cryptography and security. Geometry and Matrices - Game theory etc.
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.
Why is it important to be able to identify sets and set theory as related to business operations?
The theory of numbers is based on the property of sets of different kinds of numbers.