Business mathematics and systems (often referred to as consumer or commercial maths) is the maths used by enterprises and other agencies to record and manage their business operations! Accounting, inventory management, marketing, sales forecasting and financial analysis are all modes of mathematics commercial organisations would use.
The practicality of business mathematics and systems in the commercial world further include markups and markdowns, price discounts, checking accounts, payroll calculations, simple and compound interest, consumer and business credit and mortgages.
If you work as a sales assistant or in a cafe or pub, you will need to have the ability to calculate the cost of goods and change the customers require without using the till, in case you are ever without one. Businesses like to know that you can cope if the machines break down.
As a university student, the two most common methods of business mathematics you’ll come across are business calculus and business statistics. Examples of both calculus and statistics often used in university courses are usually real-life problems from the world of business. Also, university programmes sometimes cover matrix operations, as well as conducting separate modules on interest calculations, linear programming and probability theory.
Your degree will not typically cover trigonometric functions as you would in a calculus course, but instead focus on problems from the business world. Typically, you will not go into the same depth as standard courses in maths or the science fields, you’ll be pleased to hear!
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