Running a successful business requires a certain amount of familiarity with math. In the Essentials of Business Math course, we cover how to use math in a variety of applications, including data analysis, calculating interest, determining future values, and finding the amount of loan payments. We also show how to calculate price elasticity, determine a company's breakeven point, and develop a sales forecast. In addition, we cover the mechanics of producing charts in Excel, since this is useful for gaining a better understanding of data. In short, this course is designed for anyone who wants to learn more about their business with some basic mathematical analysis.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the priorities in the order of operations.
Specify how the mean, median, and mode are derived.
Describe the contents of the simple and compound interest formulas.
Specify how to calculate markups and markdowns.
Identify the circumstances under which elastic and inelastic demand are present, and how these circumstances can be altered.
Recall how the contribution margin and margin of safety are calculated.
Specify the formula for the sales mix variance.
Describe the various methods for forecasting sales, and the advantages and disadvantages of each one.
Specify the forecasting method that requires the use of a smoothing constant.
Specify the information provided by a correlation coefficient.
Recall the techniques used to calculate forecasting error.
Recall the situations in which charts are a good tool for data interpretation.
Specify the characteristics of a chart sheet.
Identify the characteristics of the different types of charts.
Major Topics
Business Math Basics
Data Analysis
Interest and Related Topics
Markups and Markdowns
Price Elasticity
Cost-Volume-Profit Analysis
Sales Forecasting
Charts
