# Your assignment is to prepare and submit a paper on applying mathematical concepts to business administration.

Owning a business can present a variety of problems, including conflict resolution, competition, and establishing a loyal customer base. Some of these problems cannot be solved by the use of mathematics. However, several other problems can arise that will require a solid knowledge of mathematics and an understanding of how to apply mathematical skills:

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Having [at least] an introduction to these topics will provide you with the basics needed for initial analysis of financial situations in your business. This information is critical to successfully managing the financial aspects of your business (Jones International University 1).

Although it may appear trite to first reference financial aspects of an organization as a source of potential problems faced by business administrators and owners, the problems that can stem out of a business’s financial matters can be immense. If these problems are handled improperly, they could prove to be fatal for the business. One such problem is with proper payroll accounting. Payroll embodies the life-blood of a company’s employees, contracted employees, and management staff. Put simply, payroll is the monetary compensation such employees receive in exchange for their work and services provided to the company or on the behalf of the company.

The most common problem that can occur with payroll is inadequate tracking of hourly employees (Corpus Christi Caller 1). Hourly employees, or those employees who receive compensation based on the number of hours they work during a specific amount of time, can make mistakes regarding their time tracking. Additionally, managers can make mistakes when calculating the wage amount for an employee for one specific pay-period. When a mistake is found, several mathematics concepts will come into play to find the mistake and work to resolve the issue.

First, to find the exact mistake, the manager’s first step will be to recalculate the wages based on the employees hourly pay-rate and the number of hours that employee has reported working. Doing this will require a basic mathematical concept. simply multiply the number of hours worked by the employee’s hourly wage amount and round the product up or down to the nearest 100th. Should this answer not match the amount shown on the check, then the problem can be resolved by issuing a new check for the amount of the difference.

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