Beginning an online Master of Business Administration program is exciting, but that excitement can quickly die off if you are not a fan of math. Students often find, however, that MBA math is easier to understand due to its real-world applications. You can expect to encounter math in the following courses during your online MBA program at the University of Southern Indiana.
In the ACCT 601 Seminar in Management Accounting course, you will learn the intricacies of management accounting and how to put numbers to work to achieve your goals. Management accounting includes planning for future expenses and opportunities through budgeting, controlling funds and expenditures, and evaluating your current system of operations for cost-effectiveness.
Accounting is an analysis and monitoring tool that you will use to make sure your department or business stays afloat. By studying your business accounts, you can determine your profitability and whether current practices and strategies are increasing or decreasing that profitability. Even though accounting is a powerful tool, it does not have to be intimidating. There are so many computer software programs available today to do the calculations for you that accounting is now more organization than calculation.
Business is all about trial and error. In more accurate terms, successful businesses use research methods to generate ideas, develop prototypes, test new products, collect feedback from potential clients and customers, and improve upon the original product. To make use of such valuable information, business professionals must use quantitative data and some statistical calculations.
While performing statistical calculations may seem daunting, your DSCI 601 Quantitative Methods for Business Decisions course will break down the key components of quantitative data and statistics for optimum understanding. You will study how to make sound managerial decisions, use network modeling to arrive at your options, and conduct multi-criteria analyses to choose the most promising path for your business.
During your online MBA program at USI, you will complete ECON 601 Business Economics and Forecasting. Although this course does not fall under the mathematics umbrella, some key mathematical principles will come into play as you learn cost-benefit analysis, estimation, and supply and demand relationships. Business economics will also teach you how to use numerical figures and trends to analyze business cycles, estimate production and costs, evaluate market structure, conduct risk analysis, and engage in forecasting — all of which are essential skills in the business world.
Business success involves a great deal of financial market analysis. The FIN 601 Financial Management and Markets course offers a comprehensive look at financial theories and how they apply to your career. This course introduces corporate finance and clarifies complex concepts.
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Although, most of your MBA math courses will not require a great deal of mathematical calculations, it is important to understand that you will have to work with numbers and apply mathematical principles such as averages, percentages and ratios throughout your online MBA program.
If mathematics is not your strong suit, or you are not confident in your math skills yet, be sure to get help. Distance learning students can count on the David L. Rice Library for learning resources, and USI professors are available to help you grasp difficult concepts along the way.
Math is a powerful tool that you can use to solve any number of business-related problems. However, math gets a bad reputation out of context. Shelve any preconceived notions about math and embrace the opportunity to expand your skill set as you work toward business and educational success.
Learn about the USI online MBA program.