Maths

La Trobe University

Maths

Achieve@Uni
La Trobe University

Maths

Achieve@Uni
La Trobe University

Maths

Achieve@Uni

Maths for Business

Why Maths for Business?

  • Key analysis and algebra skills are needed for solving problems, interpreting data and formulating strategies in quantitative terms for Business.
  • Basic numeracy as well as Statistics, especially Inferential Statistics, are used in Marketing, Management, Accounting, IT, and Economics analysis essential for business success.
  • They also play important roles in everyday life.

Before a student embarks on studies in Business or Economics, it is recommended that the Numeracy Success Indicator (ASSC version) be attempted by the student, and the advice given to the student be followed.

 

Test your Maths Skills

If you would like to test your maths skills, complete the Numeracy Success Indicator (NSI).

In Maths for Business you will learn:

  • To understand the importance of mathematics for Business;
  • To be familiar with basic maths concepts related to Business;
  • To identify what maths are needed for Business;
  • To find further resources to develop maths and concepts.

Some Basic Concepts

 

Basic concepts

Specifically

Business Applications (not an exhaustive list)

NUMBER CALCULATIONS

Synonyms of all operators
(+, -, * & /);
Sums, products, deductions, divisions;
Multiplication as repeated addition;

LCMs and HCFs

Understanding what is being asked of you; Analysis of Statements of Financial Performance and Financial Position;
Statistics

BODMAS AND NUMBER ORDER

Order of operation in an expression;
The Real Number line;
using your calculator

Analysis of Statements of Financial Performance and Financial Position; Investment means and σ; Statistics.

STRAIGHT LINE GRAPHS

Intercepts (vertical and horizontal),
slope, equation of a straight line

Break-evens;  Product Demand and Supply; Product Market equilibria

FRACTIONS & DECIMALS

Equivalent fractions, expressing fraction as a decimal, powers of 10; powers with base other-than-ten; calculator use

Proportions, growth, comparisons;
dealing with large and small numbers;

Market analysis

PERCENTS

Proportions,
growth,
comparisons

Proportions, growth, comparisons; bonds, shares, risk; exchange rate gains and losses; Market analysis

ALGEBRA

Finding one unknown by substitution, balancing equations and/or the CTM methods; grouping unknowns.

Break-evens and target production;
testing statistical hypotheses; CAPM, Betas; determining market equilibria

FINANCIAL CALCULATIONS

Simple interest, compound interest, discount factors, discounted cash flows; criteria for choice.

Investment decisions, choices.
NPV and payback period.

GRAPHS

Producing graphs from data, interpretation and critical analysis.

Marketing an idea; Attracting investors;

Avoiding being misled by others.

 

Further Resources

  • For Pre-enrolment skills development, recommended are the Pascal Press Australian-published Excel series of high-school-curriculum mathematics with specific chapters and worked examples on Year 10 (Australian Curriculum) mathematics.
  • To access online videos on selected maths topics, go to the Library home page and click on Databases. Click on K, and select Kanopy Streaming. Search for the topic you need help with (e.g. Fractions, Algebra, Functions and graphs, Arithmetic, Maths for Engineers).
  • Open Education Resources on the web are here.
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