ASSIGNMENT ON

Basic Statistic
Math 305 (CSE)
SUBMITTED TO:
Liza Bosak
Lecturer
Basic Science Division
World University Of Bangladesh
SUBMITTED BY:
Nusaim Islam Saad
Batch : 48/A
Roll : 3058
Dept. of CSE
World University of Bangladesh
Role of mathematics for business in daily life

Mathematics is a branch of science, which deals with numbers and

their operations. It involves calculation, computation, solving of
problems etc. Its dictionary meaning states that, ‘Mathematics is the
science of numbers and space’ or ‘Mathematics is the science of
measurement, quantity and magnitude’. It is exact, precise,
systematic and a logical subject.
Business ownership requires more than skill in creating a product or
talent at providing a service. Overseeing the finances of your
company is key to survival and success. Understanding basic
business math is necessary for profitable operations and accurate
record keeping. Knowing how to add, subtract, multiply, divide,
round and use percentages and fractions is the minimum you need to
price your product and meet your budget.
Some role of mathematics for business level:
Role of Mathematics in Social Development- Man is a social animal
and human life depends upon the co-operation of each other. Group
work helps social skills.The ability to work together on tasks with
others can build various social skills. In order to live a social life,
mathematical knowledge is needed, because of the give and take
process, business and industry depends upon the knowledge of
mathematics. The change in the social structure with regards to the
modern facilities like mode of transport, means of communication
and progress in the field of science and
technology is due to mathematics only. In this way mathematics has
played an important role in not only understanding the progress of
society but also to develop the society.
Role of Calculate Production Costs-
Before you formally establish your business, you must estimate the
cost to manufacture or acquire your product or perform your service.
Adding all expenses associated with making or buying items helps
you realize if you can be competitive with other companies and
profitable enough to sustain your business and make a reasonable
income. In addition to the standard costs of production, such as
materials and machinery, add accompanying expenses, such as
shipping, labor, interest on debt, storage and marketing. The basis to
your business plan is an accurate representation of how much you
will spend on each item.
Role of Determine Product Pricing-
To ensure you can operate your business and produce enough cash
flow to invest into your enterprise, you must charge enough for your
product to be profitable. Markup is the difference between your
merchandise cost and the selling price, giving you gross profit. If
your operations require a large markup, such as 70 percent, you may
not be competitive in your industry if other companies sell the same
items for less. Once you have determined your markup, one way to
calculate the retail price is to divide using percent’s or decimals.
Role of Measure Business Profits-
If you want to determine the net profit for a certain time period, you
will need to subtract returns, costs to produce an item and operating
expenses from your total amount of sales, or gross revenue, during
that time. Discounts on products, depreciation on equipment and
taxes also must be calculated and subtracted from revenue. To arrive
at your net profit, add any interest you earned from credit extended to
customers, which is reflected as a percent of the amount each person
owes. Your net profit helps you understand if you are charging
enough for your product and selling an adequate volume to continue
to operate your business or even expand.
Role of Mathematics in Development of Economics-
Mathematics is of central importance to modern society. It provides
the vital underpinning of the knowledge of economy. It is essential in
the physical sciences, technology, business, financial services and
many areas of ICT. It is also of growing importance in biology,
medicine and many of the social sciences. Mathematics forms the
basis of most scientific and industrial research and development.
Increasingly, many complex systems and structures in the modern
world can only be understood using mathematics and much of the
design and control of high-technology systems depends on
mathematical inputs and outputs.