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Concept
Business mathematics
Summary
Business mathematics are 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. For some management problems, more advanced mathematics - calculus, matrix algebra, and linear programming - may be applied.
Business mathematics, sometimes called commercial math or consumer math, is a group of practical subjects used in commerce and everyday life. In schools, these subjects are often taught to students who are not planning a university education. In the United States, they are typically offered in high schools and in schools that grant associate's degrees; elsewhere they may be included under business studies. The emphasis in these courses is on computational skills and their practical application, with practice being predominant. These courses often fulfill the general math credit for high school students.
A (U.S.) business math course typically includes a review of elementary arithmetic, including fractions, decimals, and percentages. Elementary algebra is often included as well, in the context of solving practical business problems. The practical applications typically include checking accounts, price discounts, markups and Markup, payroll calculations, simple and compound interest, consumer and business credit, and mortgages and revenues.
Business mathematics comprises mathematics credits taken at an undergraduate level by business students.
The course is often organized around the various business sub-disciplines, including the above applications, and usually includes a separate module on interest calculations; the mathematics comprises mainly algebraic techniques.
Many programs, as mentioned, extend to more sophisticated mathematics.
Common credits are Business Calculus
and Business Statistics.
Programs may also cover matrix operations, as above.
Official source
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