THE ROLE OF MATHEMATICS FOR BUSINESS STUDIES
Mathematics is used in most aspects of daily life. Many of the top jobs such as business consultants, computer consultants, airline pilots, company directors and a host of others require a solid understanding of basic mathematics, and in some cases require a quite detailed knowledge of mathematics. It also plays important role in business, like Business mathematics by commercial enterprises to record and manage business operations. Mathematics typically used in commerce includes elementary arithmetic, such as fractions, decimals, and percentages, 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. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis. 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 into the same depth as other mathematics courses for people majoring in mathematics or science fields. The two most common math courses taken in this form are Business Calculus and Business Statistics. Examples used for problems in these courses are usually real-life problems from the business world. An example of the differences in coursework from a business mathematics course and a regular mathematics course would be calculus. In a regular calculus course, students would study trigonometric functions. Business calculus would not study trigonometric functions because it would be time- consuming and useless to most business students, except perhaps economics majors. Economics majors who plan to continue economics in graduate school are strongly encouraged to take regular calculus instead of business calculus, as well as linear algebra and other advanced math courses....
References: • Contemporary Mathematics for Business and Consumers, By Brechner, Robert. (2006). • The Role of Mathematics in Business Decisions. By Stephen F Keating (1973). • THE ROLE OF MATHEMATICS AND LOGIC By Kenneth Ewart Boulding (1971). • THE ROLE OF MATHEMATICS IN ECONOMICS Journal of Political Economy, 56, 3 (June 1948):187-199.
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