In management, how important is it to learn to use mathematics to solve problems?
Mathematics is defined at freedictionary.com as the study of the measurement, relationships, and properties of quantities and sets, using numbers and symbols Mathematics is important to understand most subjects, including science, technology, medicine, economy, business, and finance. Besides solving and presenting equations, it focuses on careful analysis of data and its structure.
Mathematics allows for checks and balances, and interpretation of the economic status of the business; while enhancing reasoning and problem-solving skills.
Mathematical tools are used to map market trends and forecasting; and statistics and probability are used in everyday business and economics.
Financial and Business Mathematics are direct applications to business and economics; applied mathematics such as probability theory and management science, queuing theory, time-series analysis, and linear programming are vital for business.
While there are many programs and utilities, which will help in mathematic application to business, without solid mathematical knowledge, it is impossible to know if results are accurate.
Business and financial success is dependent on business strategies and operations policies, all of which are calculated; therefore, without the knowledge of how to calculate and interpret the information and apply it correctly, the business could be in jeopardy.
How valuable is an MBA degree, without the ability to identify and calculate the cost of a company’s capital, its return on investment, gross margin percentage, break-even point, or what percent of a population would be willing to buy its product?
Since mathematics is a cornerstone in Business Management, an MBA degree would be useless without the ability to identify and calculate cost of company capital, return on investment, gross margin percentage, break-even point, and the percentage of the...
Please join StudyMode to read the full document