StudentShare solutions
Triangle menu

Applying Mathematical Concepts to Business Administration - Essay Example

Nobody downloaded yet

Extract of sample
Applying Mathematical Concepts to Business Administration

Despite this, many students still fail to realize just how important mathematics can be in their chosen profession. Other students mistakenly believe that the extent to which mathematics will play a role in their profession will be a minor role. In truth, mathematics is used daily in a variety of professional fields including business administration, and can often play a role in problem resolution. Some business related problems that can be solved with mathematics are payroll discrepancies and funding needs. Business Administration entails a multitude of tasks and responsibilities. Many of these components can become problematic if proper mathematics is not applied. For example, a business owner or manager may, at times, be held responsible for pay roll, accounts payables, accounts receivables, determining advertising or marketing needs, and writing various proposals. Although business owners can and often do hire help to perform these many functions, understanding the concepts will ensure that the business owner can accurately monitor the progress and effectiveness of his or her employees or contracted associates.
Owning a business can present a variety of problems, including conflict resolution, competition, and establishing a loyal customer base. Some of these problems cannot be solved by the use of mathematics. However, several other problems can arise that will require a solid knowledge of mathematics and an understanding of how to apply mathematical skills:
Having [at least] an introduction to these topics will provide you with the basics needed for initial analysis of financial situations in your business. This information is critical to successfully managing the financial aspects of your business (Jones International University 1).
Although it may appear trite to first reference financial aspects of an organization as a source of potential problems faced by business administrators and owners, the problems that can stem out of a business's financial matters can be immense. If these problems are handled improperly, they could prove to be fatal for the business. One such problem is with proper payroll accounting. Payroll embodies the life-blood of a company's employees, contracted employees, and management staff. Put simply, payroll is the monetary compensation such employees receive in exchange for their work and services provided to the company or on the behalf of the company.
The most common problem that can occur with payroll is inadequate tracking of hourly employees (Corpus Christi Caller 1). Hourly employees, or those employees who receive compensation based on the number of hours they work during a specific amount of time, can make mistakes regarding their time tracking. Additionally, managers can make mistakes when calculating the wage amount for an employee for one specific pay-period. When a mistake is found, several mathematics concepts will come into play to find the mistake and work to resolve the issue.
First, to find the exact mistake, the manager's first step will be to recalculate the wages based on the employees hourly pay-rate and the number of hours that employee has reported working. Doing this will require a basic mathematical concept; simply multiply the number of hours worked by the employee's hourly wage amount and round the product up or down to the nearest 100th. Should this answer not match the amount shown on the check, then the problem can be resolved by issuing a new check for the amount of the difference.
However, if this new product does match the amount ...Show more


Mathematics and mathematical concepts are often associated with professional areas such as accounting or educator. Children begin learning the basic components of mathematical concepts at a very young age…
Author : whoeger
Applying Mathematical Concepts to Business Administration essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Applying Mathematical Concepts to Business Administration"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Mathematical Concepts
MATHEMATICAL CONCEPTS Name Course Tutor name 08 March 2012 MATHEMATICAL CONCEPTS Introduction Concepts refer to ideas or notions that are held over a subject or topic. Mathematical concepts can therefore be defined as principles that have been generally accepted in the scope of mathematics.
3 pages (750 words) Essay
Public Administration: Concepts and Cases
The government plays an important role in the provision of the internet services in any community as this will help in boosting the living standards of the people. The “Government as a catalyst, can it work again with wireless internet access?” is a case study that seeks to find out the effectiveness of the government in providing internet services the city of Philadelphia which has a population of approximately 300,000 households and that 40% 0f these people do not require to access the internet.
8 pages (2000 words) Essay
Applying Business Concepts to Current Events
Increase in demand with limited supply leads to increase in price. Increase in price leads to decline in demand again to decline in demand with constant supply. In case the supply eased, price of the product is also eased. This article illustrates demand and supply concept with reference to Indian economy.
3 pages (750 words) Essay
Applying Training Concepts
The diagnosis of training needs is the process of information gathering which helps to improve its effectiveness (Leat & Lovell, 1997). Typically performance appraisals help identify the skills gap and thereby analyze the training needs. However, this method has flaws such as appraiser bias or the employee may tend to de-emphasize or over-emphasize depending on whether the goals have not been set or the goals are being monitored (Leat & Lovell, 1997).
6 pages (1500 words) Essay
According to her, Mr. Albert, scolded her for no obvious reason and then mentioned something very terrible which not only broke her into pieces but led her to almost file her resignation when I entered her cabin. With eyes full of tears and red in color, she told me what happened.
3 pages (750 words) Essay
Applying concepts from SAP to a real world case (business processes in SAP)
Meanwhile, competitive advantage creation has several components, all of which are very important and must be taken seriously by all organisations. Particularly for organisations in the manufacturing sector, one critical factor that has been identified in relation to competitive advantage creation is the need for these manufacturing companies to meet the demand of consumers by providing timely, specific and user defined supply (Simha & Word, 2012).
8 pages (2000 words) Essay
Applying PR theory and concepts
The idea is to create a strong connection between all stakeholders of the company allowing them to communicate with one another and work together. In this context the project seeks to put forth the different
10 pages (2500 words) Essay
Mathematical Concepts
r a summary of the concepts learnt in the course, relevance of the concepts to the characteristics of a mathematics teacher as well as analysis of the influence of the learnt concepts on my personal ideas and philosophy of teaching. One of the mathematical concepts discussed in
4 pages (1000 words) Essay
Public Administration: Major Concepts
This is as stated by senior government officials (Mazzetti & Schmidt, 2013). Investigators are in the dark of the extent to which the data breach was due to the N.S.A. facility located in Hawaii where he worked (and not in other N.S.A. facilities) was not as
2 pages (500 words) Essay
Applying concepts
This requires in-depth and critical analysis of economic concepts surrounding outsourcing in regard to contemporary business management and success. It is also important to view this concept from the political relations between China and
2 pages (500 words) Essay
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Click to create a comment
Contact Us