‘Mathematics’ is popularly known as pure devil, something that gets the strongest and the hardest of men weeping like a small girl and makes people go from ‘peace level’: Nirvana to ‘frustration level’: Revenge of the zombies, so you get the general idea that for 90% of the world’s population including me ‘Mathematics’ has always been that one subject that is a Mini World War 3 every new day.
Yes there are the 10% of you math wizards who are smirking at my introduction and having that look of ‘dude grow up’ on your faces! Good for you people, but we have no escaping ‘Business Mathematics’ as a subject and a compulsory one at that so you need to pass in it. So love it or hate it you simply can’t ignore Maths!
Mathematics and the woes it brings are not new to us; we have been struggling since school and passed Jr. College with this burden too! Well it is as essential as breathing, knowing mathematics I mean and so complaints apart it is very important that this subject be a part of our syllabus as BMSites and it is our duty to study it well and score really well in the subject.
Like everything else, the success of business too depends heavily on mathematics. From simple use age of calculating and checking orders, making payments and receiving money to the complicated theories and plans that need to be tested we use mathematics for a lot of processes in business. Business Mathematics deals with all those topics that have a commerce base and help out in dealing with business proceedings, so stuff like profit and loss, percentage, interest, progression, all form a part of business mathematics at the basic level.
It is very important to test and predict the success ratios of a product and most of it can be done using mathematical concepts. In the earlier semester we did statistics and its application to business, similarly this semester it’s all about mathematics and its application to business. It’s one of the necessary evils of the BMS course and the sooner you accept this and start studying the sooner can you score good marks.
What is Business Mathematics all about?
Business Mathematics is used by commercial enterprises to record and manage business operations and functions of the business. Commercial organizations can use mathematics in fields as important as accounting, inventory management, marketing, and financial analysis.
Business Mathematics deals with the one thing that matters the most – Money! Everyone can benefit from having a better understanding of money and financial matters. Business math is for you if you want to understand personal finance or apply it to your business and understand about the different aspects of business finance. You simply can’t talk business without talking math, business and mathematics go hand in hand. You always need business mathematics because it deals with money, and all this need for mathematics will make you deal with it on a daily basis making you just fall in love with it.
Business Mathematics is important for professions like real estate, as they need to know how to financially close a deal, and calculate commission rates, taxes and fees. Wealth managers and advisers, bankers, investment consultants, stock brokers, accountants and tax consultants are all different professional who need to understand the financial transactions for investment purposes and hence need the be well versed with the knowledge of business mathematics.
Business owners utilize business mathematics the most, they need to do so for a lot of purposes like buying and selling, understanding payroll and taking care of many of the other business process they carry out on a day to day basis.
Why should I Study this subject?
Take up a job post BMS in any field and you will receive a salary as remuneration for your services to the company, this salary will need to be calculated and checked whether it is equal to what was committed or not. The importance of business mathematics starts with such basic applications and goes up to calculating and predicting the success of a particular marketing campaign by using the data collected. Mathematics is essential in almost every task you perform, from calculating accounts to computer programming, mathematics plays a very important role and so it is important we learn this subject as a part of our BMS course.
Is it Difficult?
Yes, certain units are difficult and if you have a weak base in mathematics or if you were an S.P student in your ‘plus two’ study levels, then you will need to work really hard. Do not take this subject lightly even if you like mathematics, you need to practice in order to get good marks and you should not forget this for a fact.
Is it Boring?
No, business mathematics is the last subject that can be counted as boring. It’s very interesting even if you know it or you struggle with it, it’s a lot of fun to learn and understand this subject.
Do I need a Coaching Class for this subject?
Yes, most of the BMS junta has an issue with their basics and so we advise you catch hold of a good tutor soon. If you have a good college faculty then you won’t need a tutor so ensure that you attend all lectures in time and do your follow up studies well because students really worry about passing in this subject without a coaching class or tutor to help them out.
What is the Syllabus for this Subject?
This subject is divided into 5 units and their level of difficulty is stated below:
Unit I : Elementary Financial Mathematics – easy
Unit II : Matrices and Determinants – easy
Unit III : Derivatives and their Applications – difficult
Unit IV : Functions of two variables and Integration – difficult
Unit V: Simple applications in Economics and Commerce – moderate level of difficulty
For detailed syllabus and reference books you can click HERE!
How can I Study this Subject?
“You must start well in advance and practice a lot for this subject”, says Hiren Kacha a private tutor for mathematics. “Just like quantities aspects of business 1, you need a lot of hard work here but the approach has to completely different as the syllabus is vast and the concepts are difficult as compared to statistics” he adds.
5 Most important things you need to keep in mind for scoring good marks in this subject, as per Hiren Sir are as follows:
- Practice makes perfect
- There is no space for calculation mistakes
- A formula sheet is a must for each chapter
- Spend some time on theory as that count’s as well.
- There is no substitute to hard work.
“ I loved solving Maths since school days and even now practical subjects remain my favorite” says Smita Rao a BMS alumni from L.N. College and I absolutely hate maths, it was one of my weakest subjects says Bhumi Desai, smita’s co-class mate at L.N College and Hiren sir’s tuitions. The approach both of us had to adopt was totally different due to our preferences yet both of us managed to score good marks, so it is really not impossible to score well, Bhumi adds.
So how did they go about it, we ask, “I loved maths so it was the lecture I never missed in college as well as at class. I came home and practiced whatever was taught at tuitions for an hour a day. An hour of business math’s every day and half an hour for revising and memorizing the formulas is what helped me score really good marks. I practiced so much that on any particular day if you would just open a chapter and ask me to solve the sums from there I could do it without knowing the name of the chapter. My dedication level was something that impressed my faculty members and helped me gain goo marks in my internal exams as well” says Smita.
“For me it was all a journey of working hard and harder” says Bhumi. “I used to fell discouraged initially as I didn’t have a base in mathematics but I decided that I will not let this subject beat me and there I was working for 2-3 hours daily in order to score good marks. I took up the units in the order 1-3-5-4-2 so that there was always an easy unit after a difficult one and it so I used to look forward to solving the difficult units and finishing them off so I could reach an easy unit soon.”
“I created mind maps and formula sheets and read them for half an hour a day daily so that the steps of my sums and the formulas get fixed into my head perfectly (in case you don’t know how to make mind maps you can refer here) then it was all about going the extra mile and solving more sums then the usual students as my basics were weak and I had to solve the sums from the very start.”
“It was a lot of effort and I really could not have gotten good grades if I would not have practiced”, she ends. For those who love math’s there is a catch, do not feel overconfident because that is what has taken over me for a few weeks shares Smita. “There was this big maths test at classes and we had the two most easy units one and two as our syllabus, I though it’s cake walk and ignored them and end up scoring in single digit figures simply because I had not practiced owing to my over confidence levels!” she adds.
What does Astrology say for your Maths Marks This Semester:
Your chances of scoring well in Maths are bright this year if you are of the following sun-signs: Aries, Taurus, Gemini, Cancer, Leo, Virgo, Libra, Scorpio, Sagittarius, Capricorn, Aquarius and Pieces.
Poor marks will be obtained by the ones with the following sun signs: Aries, Taurus, Gemini, Cancer, Leo, Virgo, Libra, Scorpio, Sagittarius, Capricorn, Aquarius and Pieces 😛
Astrology may be able to determine a lot, but being able to determine your Maths Score is something unfortunately it cannot do and I strongly suggest that you let go of blaming the stars where maths is concerned!
The fault is not in our stars but in the number of hours we put in to practise Mathematics and it is nothing but those hours that can determine how well you will score. Yes, certain factors like the quality of your faculty and your confidence levels might just make a wee bit of an impact but flipping on the astrology app every morning in hope to find it saying something positive for your maths exam is really not going to help!
So Amigo’s go all out, practise hard and aim to score the best in Maths, because there is no fault in your stars it’s all in your head where Mathematics is concerned!
All the best 🙂