• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Importance of business mathematics in management.

Extracts from this document...

Introduction

Importance of business mathematics in management What is management? Management is the process of reaching organizational goals by working with and through people and other organizational resources. Or 1. It is a process or series of continuity and related activities. 2. It involves and concentrates on reaching organizational goals. 3. It reaches these goals by working with and through people and other organizational resources. What is business? An organization, which works for the purpose to earn profit. What is business mathematics? A particular problem for management is that most decisions need to be taken in the light of incomplete information. That is, not everything will be known about current business processes and very little (if anything) will be known about future situations. The technique described in "business mathematics and statistics" enable structures to be built up which helps management to alleviate this problem. The main areas included in the manual are: a) Statistical method b) Management mathematics c) Probability 1. Statistical Method: Statistical method can be described as: i) The selection; collection and organization of basic facts into meaningful data. ii) The summarizing, presentation and analysis of data into meaningful information. ...read more.

Middle

What the decisions will all have in common however is that they are the final product of a general structure (or set of processes) known as an investigation or survey. Some significant factors are listed as follows. a) Investigations can be fairly trivial affairs, such as looking at today's orders to see which are to be charged to credit or cash. Others can be major undertakings, involving hundreds of stuff and a great deal of expense over a number of years, such as the United Kingdom population census (which is carried out every ten years). b) Investigations can be carried out in isolation or in conjunction with others. For e.g., the calculations of the official monthly Retail Price Index involves a major (on going) investigation which includes using the results of the family expenditure survey which is used also for other purposes. However information needed for first line management to control the settings of machine on a production line might depend only on sampling at regular interval. c) Investigations can be regular (routine or on going) or "one-off"- for e.g.: the preparation of a company's hail balance as against a special investigation to examine the calculation of stock re-order levels. ...read more.

Conclusion

Thus, if you get 90 answers right out of 100 in a math's test, you can say that 90 percent (%) of your answers are correct. * Percent (%)means for each hundred. The rate is always a percent. * Percent indicates an actual quantity. To find out the rate, divide the percentage by the base. Rate = Percentage Base Percentage in management: Percentage has great importance in the field of management. In many businesses, when the firm is going to undertaking the project, they have needed to know the "net price value (NPV) of capital budgeting project" which is the dollar amount of change in the value of the firm as a result of undertaking the project. Or NPV is the difference between the present value of cash inflow from the investment and it's cost. NPV create some problem for management. 1. It is difficult to explain NPV to people who are not formally trained in finance. 2. A second problem is that the NPV method result are in dollars, not in percentages. This is why it becomes very difficult to work. Many owners and managers prefer to work with percentages because percentages can easily be compared to other alternatives. Business people calculate the percent of increase or decrease in transactions such as sales, costs, expenses and profits. Government employees compute the percent of economic growth and unemployment. 1 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE People in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE People in Business essays

  1. Marked by a teacher

    Sainsbury's organizational structure.

    5 star(s)

    a linked internal communication system. * E-commerce. This is the links with the customers with the help of electronic media. * E-business. This is the link with the other business through electronics. Line area Network (LAN): - Networking involves linking together two or more computers to allow the information and facilities to be shared.

  2. Managing Human Resources in Marks & Spencer.

    The whole process can be very time consuming and expensive unless it is carried out in a systematic way. The main steps in the process can be identified as: Need for vacancy Recruitment a process to attract suitably qualified candidates for vacant positions Attraction Reduction Selection a process which uses

  1. Free essay

    GNVQ Business Studies Unit 1

    need more or new products they contact them to let them know what they want, and how many, and how long for. This is normally done by email because it is not to urgent because the supplier wont send it until the second shipment of supplies (weekly).

  2. Recruitment and Selection - Next

    train a full-time crew member with basic skills, but eight months to train a part-time employee. Increasingly, organisations employ a select group of highly skilled core workers, and then supplement their workforce with cheaper part-time and temporary workers. * Part time: The rise in part-time workers can be attributed directly

  1. Knowledge of the responsibilities covered by the human resources function with in the business, ...

    Hence the interview (selection process) must be done precisely. In order to duly fill a vacancy there are key recruitment documents that must be completed: Job analysis According to the Heinemann Advanced Business the job analysis gives an idea of the type of job that has just become vacant.

  2. The importance of attitude.

    Although this is a valuable outcome, this increased benefit may be evaluated in terms of its secondary impact on the financial performance of the organization, to the extent that improved attitudes positively affect job performance and other work-related outcomes (Cascio, 1982).

  1. Banquets Management

    A team leader 4) A pleasant personality QUALIFICATIONS 1) A Good education 2) A hotel school graduate 3) A minimum of three years experience in an international standard hotel at the waiters level 4) Preferably some banqueting experience 3) Job Title Banquet Waiter REPORTS TO The Banquet Captain JOB SUMMARY Responsible for good service of food & beverage at functions.

  2. GSCE Unit 2: People & Business

    or help then they may not want to come back and that could effect over twenty customers a day, which could add up to over one hundred a fifty a week. A single employee leaving wouldn't make much difference on the business because they can be easily replaces as there impact is limited.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work