Business mathematics

Business mathematics

Business mathematics is 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.

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.

Commercial maths

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. For instance, while computational formulas are covered in the material on interest and mortgages, the use of prepared tables based on those formulas is also presented and emphasized.

References

  • Brechner, Robert. (2006). Contemporary Mathematics for Business and Consumers, Thomson South-Western. ISBN 0-324-30455-2
  • T. R. Ittelson, (2009), "Financial Statements", Career Press, 2009.
  • hola :D

Wikimedia Foundation. 2010.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • Mathematics education in Australia — varies considerably between various states due to the different education systems in place in each state. Contents 1 New South Wales 1.1 Higher School Certificate 2 Victoria 2.1 …   Wikipedia

  • Mathematics and science partnerships — (MSP) is education policy from Title 2, Part B, Sections 2201 2203 of the No Child Left Behind Act of 2001. The purpose of MSP is to increase student achievement in science and mathematics by partnering IHE science, math, and engineering… …   Wikipedia

  • Business valuation — is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. Valuation is used by financial market participants to determine the price they are willing to pay or receive to consummate a sale of a… …   Wikipedia

  • Business education — involves teaching students the fundamentals, theories, and processes of business. Education in this field occurs at several levels, including secondary education and higher education or university education. Approximately 38% of student enroll in …   Wikipedia

  • Business war games — Business war gaming is an adaptation of the art of simulating moves and counter moves in a commercial setting. Unlike military war games, or fantasy war games which go back hundreds of years to the days of Prussia and H.G. Wells, business war… …   Wikipedia

  • Mathematics (Junior Cert) — Mathematics is one of the mandatory subjects on the Junior Cert examination in secondary schools in Ireland. There are three levels: Higher, Ordinary and Foundation. v …   Wikipedia

  • Mathematics education — A mathematics lecture at Aalto University School of Science and Technology. Educational Research …   Wikipedia

  • Mathematics and Physical Sciences — ▪ 2003 Introduction Mathematics       Mathematics in 2002 was marked by two discoveries in number theory. The first may have practical implications; the second satisfied a 150 year old curiosity.       Computer scientist Manindra Agrawal of the… …   Universalium

  • Mathematics — Maths and Math redirect here. For other uses see Mathematics (disambiguation) and Math (disambiguation). Euclid, Greek mathematician, 3r …   Wikipedia

  • List of mathematics competitions — Mathematics competitions or mathematical olympiads are competitive events where participants write a mathematics test. These tests may require multiple choice or numeric answers, or a detailed written solution or proof. In the United States,… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”