OFC 014. BUSINESS MATHEMATICS.
INTRODUCTION.
Business maths are mathematics used by commercial enterprises to record and manage business operations. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis. Mathematics typically used in commerce includes elementary arithmetic, elementary algebra, statistics and probability. Business management can be made more effective in some cases by use of more advanced mathematics such as calculus, matrix algebra and linear programming.University level
In academia, "Business Mathematics" includes mathematics courses taken at an undergraduate level by business students. These courses are slightly less difficult and do not always go into the same depth as other mathematics courses for people majoring in mathematics or science fields. The two most common math courses taken in this form are Business Calculus and Business Statistics. Examples used for problems in these courses are usually real-life problems from the business world.An example of the differences in coursework from a business mathematics course and a regular mathematics course would be calculus. In a regular calculus course, students would study trigonometric functions. Business calculus would not study trigonometric functions because it would be time-consuming and useless to most business students, except perhaps economics majors. Economics majors who plan to continue economics in graduate school are strongly encouraged to take regular calculus instead of business calculus, as well as linear algebra and other advanced math courses, especially real analysis.
High school
Another meaning of business mathematics, sometimes called commercial math or consumer math, is a group of practical subjects used in commerce and everyday life. In schools, these subjects are often taught to students who are not planning a university education. In the United States, they are typically offered in high schools and in schools that grant associate's degrees.A U.S. business math course might include a review of elementary arithmetic, including fractions, decimals, and percentages. Elementary algebra is often included as well, in the context of solving practical business problems. The practical applications typically include checking accounts, price discounts, markups and markdowns, payroll calculations, simple and compound interest, consumer and business credit, and mortgages.
The emphasis in these courses is on computational skills and their practical application, with practical application being predominant.
Importance of Business Mathematics?
Answer
Business mathematics is a branch of math which is helpful for
businessmen and businesswomen. There are around twenty-five important
facts about business mathematics. Some of the important facts about
business mathematics are business management can be made more effective
in some cases by use of more advanced mathematics such as calculus,
matrix algebra and linear programming, commercial organizations use
mathematics in accounting and inventory, and business mathematics is
also known as commercial math or consumer math.
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Q&A Related to "Importance of Business Mathematics?"
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the presentation of the valve of the business in figure form.
http://wiki.answers.com/Q/What_is_the_importance_o...
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Mathematics is important because it is a part of
virtually every area of our lives. On the most basic level, you need to
know math in order to be able to understand how to count money
http://answers.ask.com/Science/Other/why_is_mathem...
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Approximation or estimation applies primarily to
problems dealing with quantities and measurements. The estimation
process has a practical use in finding solutions to real-world problems
http://www.ehow.com/info_8719640_estimation-import...
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My top dozen candidates that are relatively easy
for non-mathematicians to understand (this would probably change if I
thought about it more... and this is in no particular order)
http://www.quora.com/Mathematics/What-are-the-mo
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Definition of business mathematics
Business mathematics is the branch of mathematics which is helpful for businessmen . Every businessmen is in tension about how to solve different business problems . In these problems we can include , interest calculation , hire rates , salary calculation , tax calculation , Public provident fund calculation , Foreign exchange calculation and more over what is the quantity he should produce etc. Business mathematics is not only helpful for businessmen but also it is helpful for general public because , if they learn it , they can deal with businessmen with better way. Business mathematics is easier than general mathematics . It can learn businessmen very easily . At Graduation and post graduation level , it is the main subject of commerce . Its certain theories are so famous and very useful for businessmen .You should know that Google search engine also calculate Page rank on the basis of Probability theory . AdSense payment is calculate with page impression , Click through rate (CTR ) and Cost per mile basis . That are the simple example of practical use of mathematics . But if we look every where in different business , we see only business mathematics . Business's all part like Man , money machine and material depends on business mathematics . There are following feature of business mathematics :-
- It is totally related to business and solution of business problem .
- It is main branch of general mathematics .
- Statistics also include in it .
- Its main feature is also that variety of formulae are in this mathematics , so businessmen have higher option to choose any one best formula for solve their business problem .
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