VALIDATION OF BENFORD'S LAW THROUGH ECONOMIC STATEMENTS OF COMPANIES CARRYING OUT BUSINESS IN THE PRODUCTION OF BASIC METALS, METALLURGICAL METAL PROCESSING AND FOUNDRY INDUSTRY

1 PLUNDER Karel
Co-authors:
1 VOZŇÁKOVÁ Iveta 1 VEVERKOVÁ Jarmila
Institution:
1 VSB - Technical University of Ostrava, Faculty of Metallurgy and Materials Engineering, Ostrava, Czech Republic, EU, karel.plunder@vsb.cz, iveta.voznakova@vsb.cz
Conference:
25th Anniversary International Conference on Metallurgy and Materials, Hotel Voronez I, Brno, Czech Republic, EU, May 25th - 27th 2016
Proceedings:
Proceedings 25th Anniversary International Conference on Metallurgy and Materials
Pages:
1975-1980
ISBN:
978-80-87294-67-3
ISSN:
2694-9296
Published:
14th December 2016
Proceedings of the conference were published in Web of Science and Scopus.
Metrics:
99 views / 31 downloads
Abstract

The entire world around us is filled with a certain numerical regularity; this can relate to the height of mountains, winning lottery numbers, numbers in tax declarations, the number of stars – this phenomenon is called Benford's Law. Benford's Law claims that the first significant (valid) place in naturally occurring numbers is more often occupied by low digits than high digits. So far, this topic has been paid little attention in Czech literature. In this paper, we decided to check whether the law also applies in the field of metallurgy. Incidence of digits in the first significant place was assessed using the set of statistical data of selected companies whose business is the production of basic metals, metallurgical metal processing and foundry activities.

Keywords: Benford's Law, metallurgical enterprise, digits in the first significant place

© This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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