Business Math

Imagine you’re driving in a car. You’re going down the road, you need to make good driving decisions, you need to know where you’re going to put your car and where not to put your car. You need hard data on what your car is doing. You need to know how fast you’re going, you need to know whether there’s space to either side, you need information. Business is no different. In fact why are we doing all this? Why are we learning statistics? We need to be able to keep score on all the different aspects of our business so that we can make good decisions. Well, businesses do this.

In fact, all of the summary statistics we’ve been learning, graphs, et cetera, are used in business settings. Businesses combine these methods to gain insights into what their organisation is doing. In this module, we’re going to talk about some of the ways that we do that. Now most of the math is going to be simple. In fact, it’ll probably be simpler than what we’ve been doing. And yet these things are very useful. We call them often in a business setting metrics, or sometimes key performance indicators. They’re key things that businesses need to keep track of. Like the speedometer in a car, we need dashboards for our businesses, so we can keep track of the most important pieces of information.

So we’re going to go ahead and dive into these in this module.