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Role of Mathematics in Business

Role of Mathematics in Business

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Published by NOOR AHMED
Mathematics is used in most aspects of daily life. Many of the
top jobs such as business consultants, computer consultants,
airline pilots, company directors and a host of others require a
solid understanding of basic mathematics, and in some cases
require a quite detailed knowledge of mathematics.
Mathematics is used in most aspects of daily life. Many of the
top jobs such as business consultants, computer consultants,
airline pilots, company directors and a host of others require a
solid understanding of basic mathematics, and in some cases
require a quite detailed knowledge of mathematics.

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Published by: NOOR AHMED on Feb 12, 2009
Copyright:Attribution Non-commercial

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05/12/2014

 
Mathematics is used in most aspects of daily life. Many of thetop jobs such as business consultants, computer consultants,airline pilots, company directors and a host of others require asolid understanding of basic mathematics, and in some casesrequire a quite detailed knowledge of mathematics. It also playimportant role in business, like Business mathematics bycommercial enterprises to record and manage businessoperations. Mathematics typically used in commerce includeselementary arithmetic, such as fractions, decimals, and percentages, elementary algebra, statistics and probability.Business management can be made more effective in some cases by use of more advanced mathematics such as calculus, matrixalgebra and linear programming.Commercialorganizationsusemathematicsinaccounting,inventorymanagement,marketing,salesforecasting,andfinancial analysis.Inacademia,"BusinessMathematics"includesmathematicscoursestakenatanundergraduatelevelbybusinessstudents.Thesecoursesareslightlylessdifficultanddonotalwaysgointothesamedepthasothermathematicscoursesforpeoplemajoringinmathematicsorsciencefields.Thetwomost
 
commonmathcoursestakeninthisformareBusinessCalculusandBusinessStatistics.Examplesusedforproblemsinthesecoursesareusuallyreal-lifeproblemsfromthebusinessworld.Anexampleofthedifferencesincourseworkfroma businessmathematicscourseandaregularmathematicscoursewouldbecalculus.Inaregularcalculuscourse,studentswouldstudytrigonometricfunctions.Businesscalculuswouldnotstudytrigonometricfunctionsbecauseitwouldbetime-consuminganduselesstomostbusinessstudents,except perhapseconomicsmajors.Economicsmajorswhoplantocontinueeconomicsingraduateschoolarestronglyencouragedtotakeregularcalculusinsteadofbusinesscalculus,aswellaslinear algebra and other advanced math courses.Othersubjectstypicallycoveredinabusinessmathematicscurriculum include:Matrix algebraLinear programmingProbability theoryAnothermeaningofbusinessmathematics,sometimescalledcommercialmathorconsumermath,isagroupofpracticalsubjectsusedincommerceandeverydaylife.Inschools,thesesubjectsareoftentaughttostudentswhoarenotplanningauniversityeducation.IntheUnitedStates,theyaretypicallyofferedinhighschoolsandinschoolsthatgrantassociate'sdegrees.AU.S.businessmathcoursemightincludeareviewoelementaryarithmetic,includingfractions,decimals,and percentages.Elementaryalgebraisoftenincludedaswell,inthe
 
contextofsolvingpracticalbusinessproblems.Thepracticalapplicationstypicallyincludecheckingaccounts,pricediscounts,markupsandmarkdowns,payrollcalculations,simpleandcompoundinterest,consumerandbusinesscredit,andmortgages.Theemphasisinthesecoursesisoncomputationalskillsandtheirpracticalapplication,withpracticalapplication predominating.Forexample,whilecomputationalformulasarecoveredinthematerialoninterestandmortgages,theuseo preparedtablesbasedonthoseformulasisalsopresentedandemphasized.Mathematicscanprovidepowerfulsupportfo businessdecisions.Intheirlaterbusinesscareers,thiswillmotivatethemtoconsultwithmathematiciansandemployeffective quantitative methods.Mathematicsprovidesmanyimportanttoolsforeconomicsandotherbusinessfields.However,ourdisciplinedoesnotprofitfromthisworkwhenstudents(wholaterbecomepartofthegeneralpublic)areunawareofitsexistence.Presentingtrivialmathematicalapplicationsonlymakesmattersworse,sincetheyareclearlyrecognizableasbeingoflittleimportance.Thisactuallydiminishesoursubjectintheeyesofstudents.Usingcomputerstobringtheunderlyingstructureofsignificantmathematicstoundergraduatesallowsthemtoappreciatetherole that our Subjectcanplayintheiracademicworkandlaterlives.Therecognitionofitsimportancebymanystudentseachyearwillcertainly strengthen the position of mathematics in our society.Whydobusinessconsultantsanddirectorsneedtoknowmath?"youmayask.Businessisallaboutsellingaproductorservicetomakemoney.Alltransactionswithinabusinesshavetobe

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mostafiz2255 liked this
Dipak M Pandya added this note
nice ....i like it.,,thaks
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Abubakar Sani added this note
not completely informative about the role of mathematics in the field of commerce
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