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 r...
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...erson. One can not function in today’s world of business if a person did not know even the basics of math. Business is numbers and numbers are business. One must use all of the person’s capabilities to know how to run an enterprise. To know how to market and what is trending out there so that the business may keep up and even succeed.
Works Cited
1. http://smallbusiness.chron.com/importance-basic-math-business-41097.html
2. Business Math for Dummies by Mary Jane Sterling, ISBN 9780470233313
3. Basic Business Math a Life-Skills Approach by Richard P. Truchon, ISBN 1560524480
4. Practical Business Math Procedures by Jeffrey Slater & Sharon Meyer,
ISBN 9780073377537
5. http://mathematics.blurit.com/q420028.html
6. http://math.about.com/library/weekly/aa101103a.html
7.http://www.businessinsider.com/the-need-for-math-skills-has-changed-business-2013
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