Report ob business mathematics n Statistics 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 made more effective in some cases by use of more advanced mathematics such as calculus, matrix algebra and linear programming. 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. An example of the differences in coursework from a business mathematics course and a regular mathematics course would be calculus. In a regular calculus course, students would study trigonometric functions. Business calculus would not study trigonometric functions because it would be time-consuming and useless to most business students, except perhaps economics majors. Economics majors who plan to continue economics in graduate school are strongly encouraged to take regular calculus instead of business calculus, as well as linear algebra and other advanced math courses, especially real analysis.

Commercial maths:

Another meaning of business mathematics, sometimes called commercial math or consumer math, is a group of practical subjects used in commerce and everyday life. A business math course might include a review of elementary arithmetic, including fractions, decimals, and percentages. Elementary algebra is often included as well, in the context of solving practical business problems. The practical applications typically include checking accounts, price discounts, markups and markdowns, payroll calculations, simple and compound interest, consumer and business credit, and mortgages. The emphasis in these courses is on computational skills and their practical application, with practical application being predominant. For instance, while computational formulas are covered in the material on interest and mortgages, the use of prepared tables based on those formulas is also presented and emphasized.

Role of Maths in Business Decisions:

The role of mathematics in Business decisions has very important in the process of managerial decision models and algorithms. To turn to the specific aspects of the quantitative decision making process, it is possible to recognize three distinct phases in every decision situation. First is carefully defined the problem, second is a conceptual model to be generated and third is the selection of the appropriate quantitative model they may lead to a solution. Lastly a specific algorithm is selected. Algorithms are the orderly delineated sequences of mathematical operations that lead to a solution. The algorithms generate the decision which is subsequently implemented managerial action program. The entire process is shown below: Defined problem------>Conceptual model--->Quantitative Model---->Algorithms--->decision----Action programs

Uses of Mathematics:
1. Many of the top jobs such as business consultants, computer consultants,airline pilots, company directors and a host of others require a solid understanding of

basic mathematics, and in some cases require a quite detailed knowledge of mathematics. 2. Mathematics play important role in business, like Business mathematics by commercial enterprises to record and manage business operations. 3. Mathematics typically used in commerce includes elementary arithmetic, such as fractions, decimals, and percentages, elementary algebra, statistics and probability. 4. Business management can be made more effective in some cases by use of more advanced mathematics such as calculus, matrix,algebra and linear programming. 5. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis. 6. Mathematics can be used to provide powerful support for business decisions. In ones business career, it motivates to consult with mathematicians and employ effective quantitative methods. 7. Mathematics provides many important tools for economics and other business fields. 8. Business consultants and directors need to know maths because business is all about selling a product or service to make money. All transactions within a business have to be recorded in the Company accounts and quite often involve very large sums of money. So mathematics knowledge is very important in this aspect too. For example, you need to be able to estimate the effect of changing numbers in the accounts when trying to work out your expected performance for next year. Also businesses rely heavily on using percentages, in particular anyone who works as a sales person will need to be quick at mental arithmetic, approximation and in working out percentages. The more percentage discount you give a customer when you sell them a product, the less profit your company will make (and quite often the less you will be paid!) so it really does pay to know your maths.

Business Statistics:Business statistics is the science of good decision making in the face of uncertainty and is used in many disciplines such as financial analysis, econometrics, auditing, production and operations including services improvement, and marketing research. These sources feature regular repetitive publication of series of data. This makes the topic of time series especially important for business statistics. It is also a branch of applied statistics working mostly on data collected as a by-product of doing business or by government agencies. It provides knowledge and skills to interpret and use statistical techniques in a variety of business applications. A typical business statistics course is intended for business majors, and covers statistical study, descriptive statistics (collection, description, analysis, and summary of data), probability, and the binomial and normal distributions, test of hypotheses and confidence intervals, linear regression, and correlation.

What is Business Statistics?

Statistics is the most widely used quantitative method in business. It is concerned with extracting the best possible information from data in order to aid decision making. It is often applied to sales forecasting, quality control and market research. Data used in business include population censuses, opinion polls, consumer data bases, and sales and demand data. The role of the Statistician is to determine, for a given question, the type of data that is needed, the way it should be collected and how it should be analyzed in order to best answer that question. Statistics has been described as "the science of learning from data". This includes everything from planning for the collection of data and subsequent data management to end-of-the-line activities such as drawing inferences from data and presentation of results.

Important skills of a Statistician:

Statisticians working in business should have the following skills: To be able to express a generally posed question as a statistical question To be familiar with a variety of commonly used techniques and the models underlying them To be familiar with the mathematical underpinning of often-used statistical techniques to the extent of being able to make simple modifications in appropriate situations To be able to use statistical packages to perform relevant calculations To be equipped with a variety of graphical techniques for displaying data To understand the scope and limitations of statistical inference and its proper role in the process of investigation To be able to decide how to obtain a suitable sample of data To be able to think clearly and coherently To be able to work productively as an individual or in cooperation with others To be able to complete assigned tasks on schedule To be able to produce clear and accurate written work.

Employment opportunities of Statisticians:

The research and development units of some larger corporations, larger hospitals and health departments employ statistical consultants. The Australian Bureau of Statistics employs many statisticians in the area of civil statistics, and various government departments in finance and industrial relations areas have statisticians working with economic data. Most large banks, financial companies and energy companies employ statisticians. There are opportunities for statisticians to work in quality improvement initiatives within industrial and commercial organizations.

Role of Stats in Business:

Depending on the type of business that is being operated, statistics are mainly used in business to gather information about their customers (current or potential), and would mainly be used to help improve or increase sales or marketing by making their business more tailored to their customers. Alternatively, if they were looking to open new markets, then they would use this to research the needs and demands of customers. Statistics are also used in business to work out the breakdown of financial dealings of the company, so they can address where the spending and returns have been for the company, so they can budget for future spending and expenses.

Uses of Statistics:
1. Statistics are used by all industries and businesses as a standardized unit of measurement for presenting data in a useful and meaningful format. Statistics can be used to measure historical performance and to forecast future targets. For business managers and leaders, statistics provide insight into how business units are performing relative to an organizations goals and objectives. Statistics also forecast future trends and are used in all areas of human thought an endeavor for planning purposes. 2. Statistics are used in all areas of trade and commerce. Governments frequently undertake studies for the purposes of formulating policy and businesses use data to identify what is currently working and what is not. Business initiatives are altered to improve organizational performance based on feedback from statistical studies. Advertising companies use statistics to assess target markets and formulate campaigns. Marketers use statistics to identify opportunities for business development.

3. Since the advent of the internet, statistics have become important for online business operators. Whether it be measuring search engine traffic, assessing product conversion or determining which paid ads are working, statistics provide the necessary data in a meaningful way to support strategic decision making. Without the use of statistics, businesses could not calculate returns on investment and business decision making would become a hit and miss affair. 4. The computer industry makes use of statistics to detect emerging trends and develop products that are in line with consumer preferences. Without data to support product development, organizations would have no way of determining changing consumer preferences and tastes. With competing demands for capital and labor, organizations rely on data to determine how to best make use of exiting resources and plan for future requirements. Managers rely on monthly and quarterly statistics to adjust business variables to improve overall performance. 5. Surveys are often used by companies to get closer to the target market. Data is compiled into useful reports for the purposes of determining consumer preferences, assessing purchasing habits and analyzing the motivation for buying behavior. Companies rely on this feedback to narrow down criteria to create unique selling propositions and build marketing campaigns. Without this data, companies would face difficulties in providing goods and services that solve community and organizational problems.