Business mathematics is mathematics used commonly in companies and businesses worldwide in order to set up and manage how their operations work. Mathematics can be used in accounting, managing inventory, marketing, sales, and financial gain. Typically in business one may use elementary arithmetic, elementary algebra, statistics and probability.
In education, “Business Mathematics” undergraduates whom are business students take some mathematics classes. They are usually not as hard and might not go in detail as with other classes for example when the major is science. One usually studies Business Calculus and Business Statistics. Typically, the examples given in these classes are related to the real world of business.
There are many components involved in starting and running a business. Whether the business is big or small. This is regardless of local business or over internet business. One should have some knowledge in different areas such as business math or hire the right people with the experience and the know.
Knowing mathematics will only enhance your work, in a person’s reasoning, problem - solving skills, and in the capability of thought. Tools in math such as the use of accounting can help with the expenses coming in and out of business. Market trends can be mapped by using the theory of chaos formula. Statistics and probability which are offshoots of mathematics are used in business every day. Many accounting companies prefer graduates with a degree in math as well as in accounting. Examples of math like probability theory and management science, such as time series analysis, are all very vital maths in the business world.
How can one apply math personally to business?
Ownership or the running of any business requires more than talent or skill. The finances is key to a company's growth and success. From the setup of the receptionist desk to the payroll math is applied. Knowing numbers and percentages and fractions is the least amount of knowledge needed. Using angles and measurements one can set up the space with accurate precision (Illustration 1).
The business has changed drastically in the last ten years. Whereas ten years a receptionist was not necessary for knowing the numbers, a lot of offices of today not only expect but demand that they do more office management and less receptioning.
Companies are asking for experience with accounting, spreadsheets, as well as too running the office. I have seen this personally as I have been running offices for over ten years now. I am not only expected to do the payroll but, also to ...