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Jun
04

Brush up These MBA Math Skills Before Stepping In College

Everything around you is mathematics. Everything around you is numbers. As we are all aware that math is a core part of our day-to-day lives; encountering significant problems of life is quite hard without its proper understanding. And, that’s why we get to learn different math skills at each phase of student life. While talking about stepping in your MBA – the requirements of math skills vary than those you had in your bachelors. Maybe that’s they say that – Learning is a never-ending process and your life is not enough to acquire it all.

Enrolling in business school means that you’re in absolute need to gain several MBA math skills that will pave the path of success in your corporate journey. Starting right from basic number sense, you’ll learn how calculus, algebra and probability are used in business to claim growth.

Basic Number Sense for Business

You might refer to it as an elementary start because this is something we all get to learn in our primary school. But, as the name conveys, basics are always good to start with and numbers are the foundation of math – which altogether makes it a must-have skill of business math. Whether it is representing numbers in different ways or, interpreting the links between any set of numbers – basic number sense allow students to use numbers to solve real-world situations.

Algebra

You must be remembering of linear equations, polynomials, and binomials when it comes to learning Algebra for business math. The Algebra concepts for business math is quite different from the Algebra you learnt in your school time. In business math, Algebra particularly helps you in finance, economics, and statistics. Before stepping in your college, you should start brushing up all the terms and formulas that you’ve learned at school. And, afterwards, you can also solve some related questions to get back on the track. All these exercises are important to do because your professors will not teach you from basics.

Calculus

Calculus is as vast as a student can grasp; a wide variety of formulas interlinking with each other to drive solutions. Revising things well in advance has its own benefits as you don’t have to go back just to follow-up with basics when all your classmates are moving forward. Below are all the skills that make your MBA business math less complex, if you revise them priorly:

  • Function & its graphical representation
  • Slopes and rates of change
  • Derivatives and differentiation
  • Minimum and maximum values
  • Exponentials and logarithms
  • Definite and indefinite integrals

Probability

In MBA, learning numerical probabilities is much more essential than the probability we used to practice in school. Businesses mostly work on   nothing is promised before the team try it in real. In such cases, as a student, you must well-versed in interpreting scenarios, clarifying information in uncertain scenarios, and monitoring the probability of certain events occurring.

Statistics

One of the most crucial math skill in business school is Statistical analysis which help businesses to take key measures of the market using different ways and articulate survey reports on the basis of the observed data. In order to stay up-to-date with statistical concepts, make sure you brush up all these concepts:

  • Calculate mean, median, mode and range
  • Calculate the standard deviation
  • Calculate normal distribution
  • Identify shifts in the mean
  • Calculate statistical significance
  • Interpret sampling distribution
  • Estimate sample and population variance

Other than these basics, you can also study as per the specialization you’re opting for in business school. For example, if you’re choosing Finance as specialization, then rates of return and interest formulas (Simple & Compound Interest) are some basics that you should brush up before heading ahead.