Overview of Business Math
- 1. BUSINESS MATHEMATICS Lecture Week 1 and 2 An Overview of Business Math and Some Preliminaries Ayesha Ashraf Lecturer Department of Business Administration University of Sahiwal
- 2. Learning Objectives • To describe what business math is. • To list usages/applications of math in day-to-day life and business. • To explain math’s problem-solving model of PUPP by J. Olivier. • To revise basic mathematical concepts • To learn solving first degree equation in one variable • To learn solving second degree equation in one variable
- 3. Business Mathematics • The study of Math required by the business. • Business Math used by commercial enterprises to record and manage business operations. • Every business field deals with Mathematics because of the involvement of “money” in business. • It is the specialized field of Math that deals with money. • It explains monetary concepts and helps to make smart decisions with money.
- 4. Application of Math in day-to-day life • We are surrounded by numbers. • People use basic arithmetic operations of addition, subtraction, multiplication and division in their daily life to solve different problems. • Everything requiring any kind of calculation involves mathematics.
- 5. Application of Math in Business • There are different departments in business such as Accounting, Marketing, Finance, Human Resources, etc and each department deals with money and therefore has application of Math. • Purpose of each department is to contribute to earning the money for business. • Knowing the rules of Business Math, enterprises can make smart decisions in order to maximize revenue and minimize the costs. • Business Math helps to optimize the business operations by enabling businessmen to act smartly.
- 6. How to solve a Math problem? • A systematic approach of solving a Math problem is to follow “PUPP model” designed by J.Olivier • This model involves four steps: P: PLAN U: UNDERSTAND P: PERFORM P: PRESENT
- 7. 4-Steps of PUPP Model Plan • Find out the variable that you need to solve a problem for. • Determine the end goal of the problem i.e; the result that is being asked about in the question. Understand • Assess what information is already provided. • Assign values to the variables. • Design a roadmap to reach from point A to point B.
- 8. 4-Steps of PUPP Model (Cont’d) Perform • Execute the plan. • This step involves all the calculations that have been designed in step II. Present • Explain the solution in context of the question asked. • Explaining helps to easily detect the errors in the solution.
- 9. Basic Concept of Solving Equation
- 10. Class Activity • List down 10 activities involving Mathematics that you perform in your daily life. • Choose any occupation/job and list down as many activities as you may find, that involve Mathematics.
- 12. Solving First Degree Equation in One Variable Equation • An equation sates the equality of two algebraic expression. The algebraic expression may be stated in term of one or more variables. • Following are the examples of equations. 3x-10= 22-5x 16x − 54 = 15x − 32
- 13. Examples • x-5= 2x-8 • x-10= 3x-5 • 2x+4=16-x • 3t+10= 4t-6 • 3-5t=3t-5 • 3(2x-8)=4(7+x) • 3y-10=6y+4
- 16. Solving Second Degree Equation in One Variable A second degree equation involving the variable x has the generalized form 𝒂𝒙𝟐 + 𝒃𝒙 + 𝒄 = 𝟎 Where a,b,c are the constants with the added provision that 𝒂 ≠ 𝒐. Second degree equations are usually called quadratic equations. Solving Quadratic Equations Factoring Method Quadratic Formula
- 17. Factoring Method
- 19. Reference • For further reading see the books: • Applied mathematics for business, economics, and the social sciences by Frank S. Budnick 4th edition • Business Math by J. Olivier • College Mathematics for Business, Economics, Life Sciences, and Social Sciences by Raymond A. Barnett 13th edition
- 20. Query • In case of any query contact me at: ayesha@uosahiwal.edu.pk • You can also ask questions via Google Classroom
- 21. Thank you