About This Chapter
Practical Applications for Business Math - Chapter Summary
This corporate training chapter shows employees the practical applications of business math topics like calculating markup and analyzing bar graphs. Our mobile-friendly platform means lessons can be completed from any mobile device or computer, at work or at home. These resources are self-paced and can be used with all of your employees, regardless of their knowledge level.
How It Helps
- Offers hands-on tools: Your employees can put the concepts they learn in the lessons to work immediately since each lesson explains practical application in the real world.
- Demonstrates calculations: Outlines practical steps for calculating mode, range, median and mean.
- Makes training simple: With this one concise training chapter, you'll have a resource you can use with your entire team, no matter their location or schedule.
Once your employees have completed this chapter, they should be able to:
- Analyze pie charts and bar graphs
- Calculate median, mean, range and mode
- Identify markup and markdown
- Assess the time value of money
- Use exchange rates to convert currency
- Find the standard deviation
1. Practical Application: Analyzing Bar Graphs & Pie Charts
Reading and analyzing bar graphs and pie charts is useful not just in the math classroom but also in real life, both personal and business. Bar graphs and pie charts provide information that is readily understood with a quick glance.
2. Practical Application: Calculating Mean, Median, Mode & Range
Mean, median, mode, and range are all used to help analyze a set of data. They have a wide range of real world applications such as in sewing, sales, and cooking. Practice calculating these values with the following three scenarios.
3. Practical Application: Calculating Markup & Markdown
Shop owners and shop keepers need markups to make a profit and markdowns to drive more sales at certain times. Practice calculating markups and markdowns with these scenarios.
4. Practical Application: Calculating the Time Value of Money
By investing money now, the value can grow over time to be worth more than what was originally invested. Practice calculating present and future values of money with these four scenarios.
5. Practical Application: Using Exchange Rates to Convert Currency
The world today is more connected than ever. People can shop for things from a store on the other side of the earth, even if the currency is different. Analyze several scenarios and an exchange rate table and then practice converting the currency in this application.
6. Practical Application: Calculating the Standard Deviation
Knowing the standard deviation of a set of data is important as it provides a good basis for deciding whether or not a certain data point fits the rest of the data or not.
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Other chapters within the Business Math: Skills Development & Training course