Business Mathematics

It is essential to have a basic knowledge of a wide range of mathematical techniques in order to use business data effectively. This module introduces and builds on a range of mathematical concepts and techniques. Students will be able to develop their analytical skills in order to make informed business decisions based on a wide range of data sources. This module also develops a student’s ability to present data in a meaningful and systematic way.

Basic Number –

• Directed number
• Order of operation (BODMAS)
• Rounding to a given number of significant figures
• Fractions

Indices and Standard Form –

• Powers and indices
• Standard form

Manipulating algebraic expressions and solving equations –

• Simplifying algebraic expressions
• Solving linear equations
• Changing the subject of an equation or formula

Linear graphs and simultaneous equations –

• Graphs of the form y = mx + c
• Finding the equation of a line
• Solving simultaneous equations graphically
• Solving simultaneous equations algebraically.

Ratio and Proportion-

• Using ratio
• Proportion and best value
• Conversion of foreign currencies
• Direct and inverse proportion

Probability –

• Mutually exclusive and independent events
• Calculating probabilities
• Conditional probability

Representing data –

• Types of data
• Representing data
• Frequency diagrams
• Pie charts
• Histograms
• Calculating mean, median and mode

Measures of dispersion –

• Range
• Standard deviation
• Percentages –
  Increasing and decreasing by percentages
• Percentage change
• Simple and compound interest
• Reverse percentages

Non-linear graphs –

• Drawing and recognising non-linear graphs
• Solving quadratic equations graphically

Quadratic equations –

• Solving quadratic equations by:
• Factorising
• Completing the square
• Using the quadratic formula

Time-series –

• Time-series graphs
• Moving averages
• Forecasting
• Transformations of graphs

1. Use a range of mathematical and statistical techniques and concepts
2. Describe and summarise data
3. Apply the laws of probability to a range of scenarios
4. Use data for the purposes of forecasting