Businesses provide a service or a product and deal with a lot of money! How do they do that? With the help of mathematics!
Importance of Business Math
Production Costs Calculations
Knowing how much cost i
needed for the raw materials, manufacturing, marketing, etc. makes it easier to calculate the profit.
Determining the minimum selling price allows the management to assess whether the business is still profitable in the long run.
Measuring the total profit, total sales, taxes and overhead expenses enables the management to check and balance the growth of the business.
Evaluating the projection of profit, expenses, and other financial-related transactions allows the management to determine how each factor affects the business.