Throughout the course, we have learnt different aspects of mathematics in Business, Economics and in other arena. We have tried to show applications of mathematical tools like Calculus, Matrix and their application in our day to day life. Mathematics is the process of calculating using numbers. Mathematical tools are nothing but the methods used to calculate different numbers based on situation to draw a conclusion. Another meaning of business mathematics, sometimes called commercial math or consume math, is a group of practical subjects used in commerce and everyday life. It is an important subject and knowledge as it enhances a person's reasoning, problem-solving skills, and in general, the ability. Hence it is important for understanding almost every subject whether science and technology, medicine, the economy, or business and finance. Financial Mathematics and Business Mathematics from two important branches of mathematics in today's world and these are direct application of mathematics to business and economics.
Business management can be made more effective in some cases by use of more advanced mathematics such as calculus, matrix algebra and linear programming. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis. 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.
In Bangladesh, the business managers use mathematical tools manly to estimate & forecast demand and sales, to trace the trend of sales & demand for new products over a period of time including total cost, variable cost, breakeven point, average cost, to examine the correlation among profit maximization and other related factors, to measure risk. It also determines the continuity of the firm. In addition, these tools help to determine...