Mathematics

MTH302 - Business Mathematics & Statistics
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Course Category:	Mathematics
Course Level:	Undergraduate
Credit Hours:	3
Pre-requisites:	N/A

Course Synopsis

The purpose of the course is to provide the student with a mathematical basis for personal and business financial decisions through eight instructional modules. The course stresses business applications using arithmetic, algebra, and ratio-proportion and graphing. Applications include payroll, cost-volume-profit analysis and merchandising mathematics. The course also includes Statistical Representation of Data, Correlation, Time Series and Exponential Smoothing, Elementary Probability and Probability Distributions. This course stresses logical reasoning and problem solving skills.

Course Learning Outcomes

At the end of the course, you should be able to

Apply arithmetic and algebraic skills to everyday business problems
Use ratio, proportion and percent in the solution of business problems
Solve business problems involving commercial discount, markup and markdown
Solve systems of linear equations graphically and algebraically and apply to cost volume-profit analysis
Apply Statistical Representation of Data, Correlation, Time Series and Exponential Smoothing methods in business decision making
Use elementary probability theory and knowledge about probability distributions in developing profitable business strategies

Course Contents

Perform arithmetic operations. Simple and compound interest. Perform basic calculations of the percentages, averages, commission, brokerage and discount. Solve linear equations in one variable, Matrices, Mathematics of Merchandising, Break-even Analysis, Measures of central tendency. Measures of dispersion and skewness, Line fitting. Time series and Exponential smoothing. Permutations and Combinations. Elementary Probability, Chi-Square, Binomial Distribution, Normal Distributions, Estimating from Samples, Hypothesis testing: Chi-Square Distribution.