Mahmudul Kabir
MBA (Marketing)Email: sandhi4mk@yahoo.comAssistant ProfessorFaculty of Business AdministrationUniversity of Development Alternative (UODA)
Business Mathematics –2 (MATH-209):
MBA (Marketing)
Class Room: https://meet.google.com/uku-xpqz-erq
Attendance updates:
https://docs.google.com/spreadsheets/d/1RD9GPvW1COXX1pCFfhBWQWaTo8ySP0U1FU-RSZ89T5Y/edit?usp=sharing
Assignment topics:
Class notes: Mid term Part only & https://sandhiacademic.blogspot.com/p/mid.html
Final short notes
midterm short notes
No
matter what your career, business math will give you indispensable real-world
knowledge to help you take control of your finances. Take the first step in
making better choices with your money by getting familiar with business
mathematics.
What Is Business Math?
Business
math is a type of mathematics course that is meant to teach people about money
and provide them with the tools they need to make informed financial decisions.
Business math not only teaches about the specifics of finances related to
owning and operating a business but also offers helpful advice and information
related to personal finance. These classes prepare any consumer to manage their
finances responsibly and profitably by explaining everything they need to know
about accounting, economics, marketing, financial analysis, and more. Business
math will help to make the ins and outs of money and commerce make sense, even
to the most math-averse individuals, using relevant and authentic applications.
Why Take Business
Math?
Business
math is not just for business owners, contrary to what its name might suggest.
A number of different professionals utilize business math-related skills every
day.
Bankers,
accountants, and tax consultants all need to become well-acquainted with every
aspect of corporate and personal finance in order to deliver appropriate advice
and problem solve with customers. Real estate and property professionals also
employ business mathematics often when calculating their commission, navigating
the mortgage process, and managing taxes and fees upon closing a deal.
When it
comes to professions that deal more with capital allocation, such as investment
consulting and stockbroking, understanding investment growths and losses and
making long-term financial predictions is a fundamental part of the daily job.
Without business math, none of these jobs could function.
For
those that do own a business, business math is even more important. Business
math can help these individuals to be successful by providing them with a solid
understanding of how to manage goods and services to make a profit. It teaches
them how to juggle discounts, markups, overhead, profits, inventory management,
payroll, revenue, and all of the other complexities of running a business so
that their career and finances can flourish.
Topics Covered in
Business Math
Economics,
accounting, and other consumer math subjects likely to
be taught in a business mathematics course include:
- Annuities
- Credit
- Depreciation
- Discount Factor
- Financial Statements (personal or
business)
- Future and Present Values
- Insurance
- Interest rates
- Investment and Wealth Management
- Loans
- Markups and Markdowns
- Mortgage Finance and Amortization
- Product inventory
- Taxes and Tax Laws
- Statistics
- Simple and Compound Interest
Mathematical Skills
That Will Prepare You for Business Math
If you
decide that a business math course will help further your career or if you
would just like to be more financially savvy, a strong understanding of the
following mathematical concepts will help to prepare you for this course.
Integers
- Be comfortable reading, writing,
and making estimates for whole numbers up to 1,000,000.
- Be able to add, subtract,
multiply, and divide any integers (using a calculator if needed).
Fractions, Decimals,
and Percentages
- Be able to add, subtract,
multiply, and divide fractions, simplifying as needed.
- Be able to calculate percentages.
- Be able to convert between
fractions, decimals, and percentages.
Basic Algebra
- Be able to solve equations with
one or more variables.
- Be able to calculate proportions.
- Be able to solve multi-operational
equations.
Formulas
- Be able to correctly apply values
and variables to any given formula (e.g. when given the formula for calculating
simple interest, I=Prt, be able to input the correct values for
P=principal, r=interest rate, and t=time in years to solve for
I=interest). These formulas do not need to be memorized.
Statistics
- Be able to solve for the mean, median and mode of a data
set
- Be able to interpret and
understand the significance of the mean, median, and mode.
Graphing
- Be able to interpret different
types of graphs and charts such as bar and line graphs, scatter plots, and
pie charts to understand the relationships between different variables.
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