Business mathematics and its application

May 19th, 2015
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Dear student, welcome to the learning task Business Mathematics and its application. This learning task is designed to expose you to the basic concepts and area of managerial application of mathematics. It is divided into five sections:

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Business mathematics is mathematics used by commercial enterprises to record and manage business operations. Commercial organizations use mathematics inaccounting, inventory management, marketing, sales forecasting,and financialanalysis. Mathematics typically used incommerceincludes elementary arithmetic, elementary algebra, statistics and probability. Business management can be made more effective in some cases by use of more advanced mathematics such ascalculus, matrix algebra and linear programming.Business Mathematics is very important for modern business management. The forecasting and operating procedures are based primarily on business mathematics. Things such as simple interest and compound interest show a company what it will lose or get over the years if itinvestsin a particular asset. Business mathematics also helps in cost and price calculations which are the basis of cash inflows and outflows that all companies have to deal withBUSINESS MATHEMATICS, DEFINITION & USE IN EVERYDAY LIFE In real life these mathematical calculations help in understanding various business problems like calculations of price markups, discounts, payrolls, mortgages, account checking etc. You can understand how to maximize your profits and minimize your costs after knowing linear programming. The questions are given in scenario form and you handle them like real business problems. In this way your quantitative analytical skills are also improved. Business Mathemat

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