Ratios and Averages

Overview/Description
 Whether tracking profitability or portraying the rate of inventory consumption, knowledge of ratios and averages is indispensable in the business world. Using real-world scenarios, this course explains the concepts of ratio, proportion, and how to compare different kinds of numbers; and discusses simple, weighted, and moving averages.

Target Audience
 Anyone who needs to apply basic math skills to business

Expected Duration
2.0 hours

Lesson Objectives:

Using Ratios

  • recognize the benefits of using ratios in the workplace.
  • reduce ratios to their simplest forms.
  • express ratios as decimal numbers and percentages.
  • determine the correct ratio in a given scenario and convert it to a decimal or percentage.
  • solve for the missing variable in a pure math problem.
  • solve for an unknown quantity in two business scenarios given an equality between two ratios.
  • solve rate problems using the appropriate method.
  • solve for the missing variable in rate problems, given hypothetical business situations.

    • Using Averages

  • recognize the value of using averages in the workplace.
  • solve a problem determining a simple average.
  • determine a weighted average in a pure math problem.
  • solve a problem to determine a weighted average in a hypothetical scenario.
  • calculate a moving average in a pure math problem.
  • solve a problem to determine a continuing simple moving average in a business scenario.

    • Course Number: FNDT0103