Analyze the benefits of careful numerical planning, how it helps you identify costs associated with an action, and how it can impact everyday decisions.
- How far is it from Salt Lake City to Denver?…- I'd say it's about 500 miles.…- Not bad, the straight line air distance is 370 miles,…but the driving distance, 520 miles.…So, if you were going to travel to Denver…from your home near Salt Lake City,…would you drive, or would you fly?…- Drive 500 miles, no way.…The flight from Salt Lake to Denver's just an hour, I'd fly.…- [Man With Glasses] I was hoping you'd say that.…Let's use this decision as a case study…in the benefits of careful numerical planning.…
Without careful numerical planning,…it's easy to miss items that may seem small but that,…in total, can heavily impact your decision.…- Okay, but still I think it makes more sense…to fly rather than drive from Salt Lake to Denver.…- Not so fast, let's make this more exact…and say that you are traveling…from your house in Provo, Utah, 35 miles south…of the Salt Lake City airport,…to an academic conference in Breckenridge,…which is a beautiful resort town…in the mountains just west of Denver.…I use this example because I made this…
In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.
Skill Level Beginner
1. The Power of Ratios and Percentages
2. Applied Probability and Statistics
3. Numerical Planning and Measurement
4. Interest: Paying and Earning
5. The Art of Numerical Estimation
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