Importance of Business Math in Business

1333 WordsOct 2, 20116 Pages
What is 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…show more content…
Relation between business mathematics and business: Mathematics is an important subject and knowledge of it enhances a person's reasoning, problem-solving skills, and in general, the ability to think. Hence it is important for understanding almost every subject whether science and technology, medicine, the economy, or business and finance. Mathematical tools such as the theory of chaos are used to mapping market trends and forecasting of the same. Statistics and probability which are branches of mathematics are used in everyday business and economics. Mathematics also form an important part of accounting, and many accountancy companies prefer graduates with joint degrees with mathematics rather than just an accountancy qualification. Financial Mathematics and Business Mathematics form two important branches of mathematics in today's world and these are direct application of mathematics to business and economics. Examples of applied math such as probability theory and management science, such as queuing theory, time-series analysis, linear programming all are vital math for business. Mathematics is a universal language. Yes!! It's a language whereas students consider it as a big problem itself. We would be lost to any point in history or right after evolution if it wast for the subject of numbers. Let us try to understand
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