Introduction to Business Mathematics
Business mathematics is 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. Business management can be done more effectively in some cases by use of more advanced mathematics such as calculus, matrix algebra and linear programming.
''Business Mathematics" includes mathematics courses taken at an undergraduate level by business students, studying marketing, business administration, public administration etc.
Roles of Business Mathematics
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.
Mathematics provides many important tools for economics and other business fields. However, our discipline does not profit from this work when students (who later become part of the general public) are unaware of its existence. Presenting trivial mathematical applications only makes matters worse, since they are clearly recognizable as being of little importance. This actually diminishes our subject in the eyes of students. Using computers to bring the underlying structure of significant mathematics to undergraduates allows them to appreciate the role that our Subject can play in their academic work and later lives. The recognition of its importance by many students each year will certainly strengthen the position of mathematics in our society. Why do business consultants and directors need to know math?” you may ask. Business is all about selling a product or service to make money. All transactions within a business have to be perfectly measure through the mathematics terms.
Skills and Competencies needed for Business Mathematics
- Computational skills
- Problem solving skills
- Math and Numerical skills
- Critical thinking
- Analytical skills
- Communication skills
- Time management
- Organisational skills and working methodically and accurately
- Decision-making skills
Career Opportunities and Job Options for Business Mathematics Degree Holders
- Treasury analyst
- Risk analyst
- Math teacher
- Financial analyst
- Quantitative analyst
- Pricing analyst
- Internal auditor
- Market risk manager
- Asset/Liability manager
- Credit risk manager
- Chartered accountant
Admission Requirements for the study of Business Mathemeatics in Nigeria
In UTME, please note that English Language is Compulsory for this course. Therefore, the three (3) other JAMB UTME subject combination needed to study Business Mathematics under the Faculty of Business Studies in the above Universities include;
Mathematics, Economics, plus one of Government and Geography.
The O'level subject combination and requirements needed to study Business Mathematics;
You require; Five SSCE credit including English, Mathematics, Economics, plus any two of Accounting, Business Methods, Commerce, Government, Geography, and Statistics.