Business Math

Course details

If you lack a zest for numbers, you may have been tempted to disregard math after wrapping up your formal education. But while you may struggle to find practical applications for vector calculus, numbers are everywhere, and grasping certain fundamental mathematical concepts can help you better understand the world around you.

In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.

Learning objectives
Explain the rule of 72.
Determine net income based on wholesale and retail costs.
Apply the appropriate methods to convert fractions to percentages.
Define “consumer price index.”
Identify the difference between mean and median.
Recall how to calculate conditional and unconditional probability.

Concepts

0. Introduction

01 - Welcome

1. The Power of Ratios and Percentages

02 - How to compare Olympic medals won in Rio
03 - Growth rates, the Rule of 72, and the danger of extrapolation
04 - Financial ratios and determining the unpaid inventory of Walmart
05 - Convert to percentages - Least common denominator, stock prices, and common-size financial statements
06 - Converting numbers - Mars, miles, dollars, and Usain Bolt

2. Applied Probability and Statistics

07 - Low-probability events - Fear of flying, black swans, and extinction of the dinosaurs
08 - Famous averages - Dow Jones and consumer prices
09 - Income distribution - The difference between mean and median
10 - Probabilities - Life insurance and the weather
11 - Conditional probabilities and counting cards
12 - Variance and the concept of risk

3. Numerical Planning and Measurement

13 - Numerical planning and everyday decisions
14 - Create, monitor, and evaluate your budget
15 - How many KPIs should an organization have
16 - How the market responds so fast to an earnings announcement
17 - Forecast the timing and amount of a business loan

4. Interest - Paying and Earning

18 - Time value of candy (and money)
19 - The power of compound interest
20 - Loan payments and interest rates
21 - Start saving early for retirement

5. The Art of Numerical Estimation

22 - Numerical estimation - How many windshield wiper blades are sold in Salt Lake City each year
23 - Calibrate uncertainty - What is the wingspan of a 747
24 - Identifying key variables - What is the value of your neighbor's house
25 - What would it cost to construct a custom-made oak table

Conclusion

26 - Quick understandings that come from numbers

Business Math

Authors

Jim Stice

Kay Stice